Russian exit

cilitation investment firm, overcame three other offers to become the preferred bidder and take Britishvolt out of the administrators’ hands.

Recharge will work simultaneously on rebuilding Britishvolt and the new plant while going ahead with its own plans for a battery factory in Geelong, the former car manufacturing hub in Australia.

Thanks to Australia’s mineral deposits, the proposed lithium­ion plant would not be dependent on China or Russia and risk supply­chain delays.

Recharge’s proposals to Britishvolt’s administrators, which stressed both strategic and diplomatic ties, also received backing from the British government’s trade envoy for Australia, the ex­English cricketer Ian Botham.