A deal to buy the failed battery firm now looks uncertain after the final payment was missed.
The Australian company that was meant to buy failed battery firm Britishvolt has missed the deadline to pay for the business, casting doubt on the deal.
Great hopes had been pinned on the site, with the promised creation of thousands of jobs and the technology and batteries needed to answer the UK's electric car needs. The Australian firm, which is ultimately owned by a New York-based investment fund called Scale Facilitation, is a start-up with little battery manufacturing experience.
The raid cast doubt, however, over the final payment for the Northumberland Britishvolt site, which had been extended long beyond the original deadline of 31 March."The sale to the buyer had not completed as the final amount of deferred consideration was due to be paid on 5 April 2023," the report from EY to creditors said last week.
But on Monday, a spokeswoman for Recharge Investments told the BBC that the timing of the final instalment to be paid to EY depended on a "funding facility, which when closed will also cover the cost of the land acquisition" and provide extra cash for the project.Recharge's plan for the Britishvolt site was to initially develop battery storage technology, rather than batteries for electric vehicles.
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