Australia's Recharge Industries acquires collapsed battery maker Britishvolt

Australian firm Recharge Industries has entered into an agreement to acquire collapsed UK battery start-up Britishvolt.

Recharge, which is owned by New York fund Scale Facilitation Partners, will purchase Britishvolt's business and assets for an as-yet-to-be-disclosed sum.

Britishvolt was put into administration in January after it ran out of money.

The UK government committed £100.0m in funding for Britishvolt's proposed £3.8bn "gigafactory" project, while the company also secured a further £1.7bn in funding from private investors.

Accountancy firm EY, which has been overseeing the sale, said: "Completion of the acquisition is expected to occur within the next seven days."

Reporting by Iain Gilbert at Sharecast.com