UK start-up battery firm Britishvolt near collapse as it seeks funding

The UK’s supposedly marvellous ‘net zero’ electric future hits a bump in the road.
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UK battery start-up Britishvolt could run out of money and go into administration after the government rejected a £30m advance in funding, reports BBC News.

The firm wants to build a factory in Blyth in Northumberland which would build batteries for electric vehicles.

The government, which had championed the development, had committed a total £100m to Britishvolt for the project.

It is understood the firm wanted to draw down nearly a third of the funding early but the government refused.

It has left the £3.8bn project, which has already been delayed several times, in doubt.

Britishvolt has struggled to find investors to help fund the construction of its so called gigafactory in Blyth which was expected to create 3,000 jobs.

It had been heralded by ministers as an example of “levelling up”, a Conservative aim of investing in communities to reduce economic imbalances with other parts of the country.

Blyth made election history in 2019 when it changed from Labour to the Conservatives.

The firm, which is yet to make any revenue, has in recent months held urgent talks to try to secure fresh funds to stay afloat.

A Britishvolt spokesperson said the company was “aware of market speculation” and was “actively working on several potential scenarios that offer the required stability”.

Full report here.

via Tallbloke’s Talkshop

October 31, 2022 at 10:48AM

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