The rescue deal for UK battery firm Britishvolt has been cast into doubt, after the Australian company taking over the company missed the deadline to pay for it.
Filings from administrators EY show that the final instalment of a total payment of £8.57m, which was due on 5 April, has not yet been paid. ITV News reported last weekend
EY said that the buyer, Recharge Industries, had therefore defaulted on its agreement to buy the business.
The EY report said: “The final instalment remains unpaid and overdue. As a result, the buyer is in default of the business sale agreement.”
However, Recharge Industries are challenging this, the BBC report, saying: “We dispute we are in default.”
Britishvolt had planned to build a massive £4bn car battery factory in the north-east of England, but went into administration in January after running out of money.