Britishvolt is in talks to sell a majority stake to a consortium of investors, offering a potential lifeline to the struggling British battery startup.
The company has been trying to raise fresh funds for months and narrowly escaped administration last year after raising millions of pounds from mining group Glencore and imposing temporary pay cuts on its employees.
In a statement Monday, Britishvolt said it was “in talks with a consortium of investors over the potential majority sale of the company.”
“The talks aim to secure legally binding terms that will provide Britishvolt with the long-term sustainability and funding needed to proceed with its current plans to build a strong and profitable battery cell research, development and manufacturing business in the UK,” added he added.
The company’s plan to build a £3.8 billion battery gigafactory in north-east England has been plagued by delays. Britishvolt has been awarded £100 million in funding from the UK government.
A sale would ensure Britishvolt’s survival until it gets firm orders from automakers. The company has shipped prototypes of its batteries to several manufacturers over the past year and has said it will start receiving orders this year.
The “both parties will provide further details in due course and have nothing further to add at this time,” added Britishvolt.
https://www.ft.com/content/89d5b56c-cef2-491a-9996-d2cccd4e40a2 Battery start-up Britishvolt in talks to sell majority stake