Britishvolt bought by Australian firm Recharge Industries

Australian firm Recharge Industries has bought the defunct battery maker Britishvolt out of administration.

Britishvolt had planned to build a £4bn battery plant near the Port of Blyth in Northumberland but it collapsed last month after running out of money.

Its downfall was blamed on a lack of battery experience, proven technology, customers and revenue.

Recharge Industries has in many ways a similar profile - it is a start up with little manufacturing experience.

The Australian company is ultimately owned and run by a New York-based investment fund called Scale Facilitation.

"What we are bringing is validated technology," the fund's Australian chief executive David Collard told the BBC.

"The US defence industry has validated it and it is already supplied to the UK navy through a subcontractor."