Britishvolt, the UK’s electric car battery manufacturer, was championed in part by Boris Johnson. It is expected to announce its administration.
According to reports, Britishvolt, an electric car battery manufacturer, is at the edge of collapse and is planning to file for administration.
#Breaking Britishvolt filed for administration. #Britishvolt has officially filed a notice to appoint administrators this morning, putting about 300 jobs at risk. https://t.co/romB1AcLKD
— Share_Talk ™ (@Share_Talk) January 17, 2023
In recent weeks, the battery company that was looking to build a “gigafactory near Blyth” has been trying to raise additional funds or sell its business.
After receiving funds, it narrowly avoided bankruptcy in November. To keep the business afloat, staff were required to accept pay cuts.
According to the BBC, Britishvolt would file a notice in administration Tuesday morning and notify staff by midday. Britishvolt declined to comment.
Although the government offered funding of up to £100m to the company to construct its electric battery plant in Nigeria, it was conditional on certain milestones.
As it tries to rescue itself, the company had discussed selling a majority of its stake.
11.40 am Update
Britishvolt filed for administration
Britishvolt has officially filed a notice to appoint administrators this morning, putting about 300 jobs at risk.
