Britishvolt Buyer Fails To Make Final Payment -

The Australian company buying collapsed car battery firm Britishvolt has failed to make its final payment to seal the deal.

Recharge Industries stepped forward to buy the firm out of administration in February giving hope that stalled plans for a £300m car battery plant in Northumberland could be resurrected.

But an update from administrator EY claimed that payment of the final installment on the £8.75m buyout deal has been missed and remains “unpaid and overdue”.

A spokeswoman for Recharge Industries 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.

She added that it expects to close the deal in August.

The new owners want to go-ahead with plans to build a £300m car battery plant in Northumberland where main contractor ISG paused construction work last summer when funding dried-up for the project.