Australian company Recharge Industries has been named as the preferred bidder for Britishvolt, the UK battery start-up which collapsed in January.
Britishvolt was put into administration after months of funding problems, resulting in more than 200 job losses.
It had planned to build a £3.8bn electric vehicle battery factory in northern England.
Accountancy firm EY, which is acting as administrator to Britishvolt, said: “Completion of the acquisition is expected to occur within the next seven days.”
It is not yet clear what Recharge has agreed to buy but the deal is reported to include the proposed gigafactory site at Blyth in Northumberland.
“We’re thrilled to be progressing with our proposed bid for Britishvolt and can’t wait to get started making a reality of our plans to build the UK’s first gigafactory,” said David Collard, founder of Recharge.
“After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”
Recharge is also building a battery manufacturing plant in Geelong, Australia which is expected to start operating in 2024.
