Britishvolt’s funding lifeline will only last five weeks, warns boss
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Britishvolt’s last-minute line of financing will last just five weeks, battery maker’s boss warns
The last-minute line of financing for troubled battery maker Britishvolt will last just five weeks, according to the chairman.
Peter Rolton said the group had received the cash injection from an undisclosed investor to keep the company afloat until early December.
The lender provided the money, which is believed to be only in the few million pounds, on condition of anonymity.
Britishvolt chairman Peter Rolton said the group had received the cash injection from an undisclosed investor to keep the company afloat until early December.
Staff also agreed to take a “significant” pay cut this month, while executives work for no pay, Rolton told the Financial Times.
Following the last-minute postponement of bankruptcy, Britishvolt is in talks with potential lenders as it seeks financing to proceed with plans to build a £3.8 billion gigafactory in Blyth, Northumberland.
The funding injection came after the company nearly went into administration.
Business secretary Grant Shapps declined the company’s request for a £30 million package, but Britishvolt CEO Graham Hoare told Sky News he expected the government to make a £100 million payment from the government next year. , which had previously agreed to support the Blyth factory.