Recharge Industries, an Australian firm owned by Scale Facilitation Partners, has agreed to buy Britishvolt’s business and assets.
The failed start-up fell into administration last month after running out of money, with suitors for its purchase including Greybull Capital and a consortium headed by its ousted founder Orral Nadjari.
Yet, start-up Recharge Industries -a battery technology firm- emerged as the winner.
"Completion of the acquisition is expected to occur within the next seven days,” said EY Global, the administrators appointed to secure a buyer.
Recharge admitted to paying a premium for the company, but the official price is yet to be revealed.
The buyer is currently building a site in Australia to produce electric vehicles and batteries and claims it can bring US battery know-how and Australian minerals to a promising UK site.
Britishvolt had planned to build a £3.8bln Gigafactory in Blyth, Northumberland aiming to boost the UK’s ability to manufacture electric vehicles and create 3,000 jobs.
“The collapse of Britishvolt, was considered to be a major setback for stable supply chains for motor manufacturers,” said Susannah Streeter at Hargreaves Lansdown.
“The fact that Recharge is a start-up rather than a larger more established player may raise worries that it may also have bitten off more than it can chew,” Streeter added.
However, the purchase will keep the dream of new jobs alive and will “provide a vital cog in the production wheel for the industry,” the analyst stated.
The European Union announced last week its Green Deal Industrial Plan potentially worth €300bln whilst the US invested around US$360bln in clean tech last year.
How Britain will fit into the future of renewable energy remains to be seen.