Britishvolt in talks to sell majority stake after narrowly avoiding bankruptcy
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Britishvolt is in talks to sell majority stake as it scrambles to secure financing after narrowly avoiding bankruptcy
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Cash call: Britishvolt plans to build a factory in Northumberland
Britishvolt is in talks to sell a majority stake in the company as it scrambles to secure financing after narrowly avoiding bankruptcy.
The troubled battery start-up, which plans to build a factory in Northumberland, managed to avoid plunging into administration last year after raising several million pounds in emergency funding from mining giant Glencore, one of its main lenders , and had temporarily lowered wages. for his staff.
The company is trying to raise even more money to stay afloat and is “talking” with a consortium of investors about the possible sale of a majority stake.
The sale would provide Britishvolt with enough funding to survive until it receives firm orders from automakers for its batteries, which are expected to come in later this year.