Electric vehicle battery startup still seeking buyer or longer-term investor to avoid administration
Britishvolt has said it has secured a few weeks of funding and its 300 staff have agreed to take a steep pay cut, as the UK government-backed battery startup races to find a buyer or new longer-term investor to avoid collapse.
The company, which planned to develop a £3.8bn “gigafactory” creating 3,000 jobs in the north-east of England, had been preparing to appoint administrators on Monday after the government turned down a request to bring forward £30m in previously promised grant funding.
Electric vehicle battery startup still seeking buyer or longer-term investor to avoid administrationBritishvolt has said it has secured a few weeks of funding and its 300 staff have agreed to take a steep pay cut, as the UK government-backed battery startup races to find a buyer or new longer-term investor to avoid collapse.The company, which planned to develop a £3.8bn “gigafactory” creating 3,000 jobs in the north-east of England, had been preparing to appoint administrators on Monday after the government turned down a request to bring forward £30m in previously promised grant funding. Continue reading…
