Electric car battery startup Britishvolt said it was exploring “several potential scenarios” amid reports it is on the brink of administration after failing to find new funding.
The Northumberland-based company has been trying to raise £200m or find a buyer Financial Times informedamong the potential buyers is the owner of Jaguar Land Rover Tata Motors.
If taxpayer-backed Britishvolt goes into administration, it will leave its £3.8bn battery plant in Northumberland in trouble. The project was expected to create 3,000 jobs and was hailed as an example of a plan to raise the level of government.
According to the BBC, the government has rejected Britishvolt’s request for an advance of £30 million in funding for the funds he previously allocated.
This was reported by the press secretary of Britishvolt UKTN: “We know about market speculation. We are actively working on several possible scenarios that provide the necessary stability. We have no further comment at this time.”
A possible administration is coming for the firm battery production delay for six months due to “spiking energy costs” and founder Orral Najari resigned as CEO in August.
The company isn’t generating revenue yet, but it has signed deals with car manufacturers Aston Martin and Lotus to use Britishvolt batteries in their electric vehicles.
in may Britishvolt acquired EAS, a €36m (£30m) German battery developer and manufacturer. He also announced plans to build the West Midlands at a cost of £200m battery capacity for research.
Data from Dealroom shows the company has raised $305m (£265m) to date. Mining company Glencore invested £40 million back in February in the company.