The previous web site of Britishvolt, a failed battery startup in northeast England, has been acquired by US personal fairness agency Blackstone Group for £110 million.

Blackstone intends to remodel the 95-hectare web site close to Cambois, Northumberland, into one among Europe’s largest information centres, capitalising on its connectivity to renewable vitality sources.

Initially heralded in 2019 for its ambition to supply batteries for electrical autos, Britishvolt garnered substantial authorities help and promised 1000’s of jobs. Nevertheless, the corporate collapsed in early 2023, leaving its imaginative and prescient unfulfilled.

The acquisition by Blackstone marks a big shift within the web site’s trajectory. Previously dwelling to Blyth energy station, the location will now host a state-of-the-art information centre facility, catering to the escalating demand for digital content material and cloud web providers throughout households and companies.

Whereas the deal secures the way forward for a considerable brownfield web site and leverages native renewable vitality sources, it additionally indicators the top of hopes for vital job creation within the area. The native council’s ambition to ascertain a gigafactory and generate 1000’s of jobs is not viable.

Britishvolt’s demise stemmed from monetary challenges, regardless of securing substantial investments from distinguished entities. The corporate’s deal with growing proprietary battery expertise and its incapability to safe needed orders hindered its progress, resulting in its eventual collapse.

Bob Maxwell of Begbies Traynor Group, the receivers overseeing the sale, expressed optimism in regards to the web site’s future below Blackstone’s possession. He highlighted the potential for the location to catalyze a tech trade cluster within the northeast, fostering financial development and employment alternatives within the area.