BritishVolt a UK company attempting to build Britain’s first large-scale battery plant for electric cars is on the brink of administration according to the FT and other sources. – The Telegraph reports.
The company has been in emergency talks to raise £200m or to sell the company outright. The plan was for a factor to build batteries at a plant near Blyth and had promised to create as many as 8,000 jobs. It currently employs around 300 people.
The Financial Times reported the company could enter administration as soon as Monday after talks with investors, including Jaguar Land Rover owner Tata Motors, fell through. The Guardian reported that EY was being lined up to advise.
A Britishvolt spokesman said: “We are aware of market speculation. We are actively working on several scenarios that offer the required stability. We have no further comment at this time.”