Battery firm Britishvolt collapses into administration

17 Jan 2023

Troubled battery start-up Britishvolt has fallen into administration putting hundreds of jobs at risk in a major blow to the future of UK manufacturing. 

The firm failed to sell a majority stake in the company which would have helped to secure the firm’s long-term future. 

The BBC reported that sale talks began last week, but there was no viable bid to keep the company afloat. 

According to the Financial Times, an offer of £30 million for near-total control of Britishvolt, followed by a £128 million funding boost had been put forward. However, main creditors refused to back the deal leading to the firm filing for administration. 

The collapse of the British firm is a major blow for the future of the UK’s automotive industry. 

The Society of Motor Manufacturers and Traders (SMMT), which represents the UK’s automotive industry, warned last year that a lack of UK battery production could threaten its future. 

The start-up formed in 2020 planned to open a £3.8 billion facility in Northumberland that would eventually be able to produce 48GWh of battery cells per year - this would have been enough to supply 300,00 new cars. 

Britishvolt has experienced months of financial difficulties prior to its collapse. In November last year Britishvolt secured what they described as “near-term investment”, allowing it to continue to operate while it tried to secure longer-term funding. 

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