Recharge Industries, an Australian firm owned by New York-based Scale Facilitation Partners, has purchased a majority of Britishvolt. 

The amount of the purchase has not been announced. Britishvolt planned to build a GBP3.8 billion (US$4.5 billion) gigafactory to produce sustainable, low-carbon batteries near Cambois in Northumberland. The project has attracted investment, including the promise of GBP100 million (US$120 million) in government funding. After purchasing the technology, Britishvolt Recharge Industries received the rights to acquire the site until March 31st. Recharge Industries, in turn, is building a factory for the production of batteries for electric vehicles in Australia. There are no details about his plans for the Britishvolt site in the North East of England. 

According to the plans of Recharge Industries, the Britishvolt project will build a gigafactory that will play a decisive role in the UK's industrial and net-zero strategies.