The new owners confirmed they 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.

David A. Collard, Founder and CEO of Recharge Industries parent company Scale Facilitation said: “We are thrilled to have been successful in our bid for ownership of Britishvolt; our plans are the right ones for the local community and the UK economy.

“Our proposal combined our financial, commercial, technology and manufacturing capabilities, with a highly credible plan to put boots and equipment on the ground quickly.

“We have the right plan in place, to match and support the region’s energy and ambition to become a major player in the international battery market.

“We’re confident of making the Cambois Gigafactory a success and growing it into an advanced green energy project. We can’t wait to get started and want to start as soon as possible.”

Recharge Industries is currently developing Australia’s first large-scale lithium-ion cell production facility.

Scale Facilitation UK-based advisor, Edward Dawes said “It is tremendous that we have been able to secure this advanced battery facility for the UK. Working with our closest allies, America and Australia, and using world-leading and proven technology, now we can take Britishvolt forward with real purpose.

““Scale Facilitation and Recharge Industries have put in place a hugely talented and experienced team, who are looking forward to moving this project on at pace, aligned to strategically important regional, national and international supply chains.

“This is good for the UK, good for the employees who are in limbo and good for British consumers.”