Breaking: Electric car battery maker Britishvolt is on the brink of collapse

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.

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.

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