Britishvolt averts collapse after it secures funding

This came after, according to the BBC, the government rejected a £30m advance in funding at the start of this week. Previously the government had committed £100m to Britishvolt to build a factory in Blyth in Northumberland to build batteries for electric vehicles.  

The plant had been expected to create 3,000 jobs – but has already been delayed several times, which has led to doubts as to whether the project would become a reality. But the firm has carried out talks in recent months to try to secure fresh funds to stay afloat.  

In a bid to further reduce near-term costs, the business has also said its employee team has “voluntarily agreed” to a temporary salary reduction in November.   

In a statement published by the business, it said it’s continuing to “explore both short and long-term funding streams”, also saying the weakening economic situation is negatively impacting much business investment at present. It added its “continuing to pursue positive ongoing discussions” with potential investors.  

Additionally, Britishvolt has also received “promising approaches” from several more international investors in the past few days.