Australia-based Recharge Industries has completed its acquisition of UK battery start-up Britishvolt and plans to start on the project “as soon as possible,” Kallanish reports.

The company, owned by US-based investment firm Scale Facilitation, said on Monday the Britishvolt project will make the UK’s first gigafactory a reality.

“The recharged Britishvolt will provide thousands of green, skilled and local jobs that will drive local and national benefits,” it adds in a statement.

The undisclosed deal follows a number of bids and negotiations carried out by EY administrators appointed on 17 January, after the company declared insolvency.

“The remaining Britishvolt employees have transferred to Recharge as part of the transaction,” EY says, without providing details on specific roles. “The sale of the business will help to support the development of technology and infrastructure needed for the UK’s energy transition.”

Daniel Collard, ceo of Scale Facilitation, claims Recharge’s 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,” he adds.

The original £3.8 billion ($4.55 billion) project in Blyth, Northumberland, was planned to eventually produce 38 gigawatt-hours of battery cells. First production was last slated for mid-2025. Recharge is yet to confirm the gigafactory plans will remain the same under its leadership.

Collard claims he has spent time in the area to get to know the people and the site, and was struck by the similarities to Recharge’s site in Geelong, Australia.

“The North East of England has a real depth of history and talent in manufacturing and engineering,” he says, adding that people in the region are determined to get behind a project that “can drive lasting change.”

“Working with our closest allies, America and Australia, and using world-leading and proven technology, now we can take Britishvolt forward with real purpose,” comments Edward Dawes, UK-based advisor for Scale Facilitation.

Recharge is building Australia’s first battery gigafactory in Victoria state. Construction on the 30 GWh plant is set to start in the second half of the year. First production is planned for 2024 at a rate of 2 GWh/year. Full capacity is targeted by 2028.

The Geelong gigafactory will use technology from C4V, which uses primarily manganese and iron in its chemistry. It has no cobalt or nickel, making the cells cheaper and more environmentally friendly to produce.