Battery start-up Britishvolt considers entering administration - report
By Michele Maatouk
Date: Monday 31 Oct 2022
(Sharecast News) - Government-backed battery start-up Britishvolt is reportedly considering entering administration with the potential loss of almost 300 jobs after struggling to find investors willing to fund its effort to build a giant £3.8bn 'gigafactory' in north-east England.
The Guardian cited sources as saying that the company could announce an administration as soon as Monday, with accountancy firm EY lined up to carry it out if it goes ahead. However, one source cautioned that Britishvolt was also still examining other options.
A Britishvolt spokesperson told the newspaper: "Company policy is to not comment on market speculation."
Britishvolt was founded less than three years ago with the aim of building an enormous factory that would be able to supply batteries to carmakers.
It quickly became a flagship project for the UK automotive industry, and gained the support of the former prime minister Boris Johnson, who repeatedly cited the project as an example of Britain leading the way in a shift from fossil fuels.
The government eventually promised the company £100m in financial support, while the current prime minister, Rishi Sunak, was chancellor. However, Britishvolt has not yet received the money, which was earmarked for tooling within the factory, which has not been bought.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN