US firm Recharge Industries on Wednesday said it was making a cash bid for Britishvolt, a UK firm behind a planned gigafactory for electric vehicle batteries that declared bankruptcy last week.
The start-up, championed by former prime minister Boris Johnson to help drive a greener economy, had been developing the multi-billion-pound project in Blyth, northeast England.
However, the company, once valued at $1 billion, last week fell into administration, a process whereby a troubled company brings in outside expertise to try and salvage parts of the business.
Recharge Industries said the bid would include purchasing the entire site and facilities, and offers a vision to retain current Britishvolt staff.
We have made a non-binding cash of…
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