UK battery firm Britishvolt near collapse as it seeks funding
News Technology

UK battery firm Britishvolt near collapse as it seeks funding

UK battery start-up After the government refused a £30 million financial advance, Britishvolt may run out of money and into administration.Information Guide Nigeria

The company intends to construct a facility near Blyth, Northumberland, where batteries for electric vehicles would be manufactured.

The government, which had championed the initiative, had allocated a total of £100 million to Britishvolt for the project.

The government reportedly declined the company’s request to withdraw approximately one-third of the funding early.

It has cast doubt on the £3,8 billion project, which has been repeatedly delayed.

Britishvolt has had difficulty finding investors to fund the development of its so-called gigafactory in Blyth, which was anticipated to generate 3,000 jobs.

It was lauded by ministers as an example of “levelling up” a conservative objective of investing in localities to reduce economic disparities with other regions of the nation.

Other Top Stories:

By switching from Labour to the Conservatives in 2019, Blyth made electoral history.

In recent months, the company, which has yet to generate a profit, has engaged in frantic negotiations in an attempt to get new funding.

A Britishvolt spokesperson said the company was “aware of market speculation” and was “actively working on several potential scenarios that offer the required stability”.

“We have no further comment at this time,” they added.

Ian Lavery, the Labour MP for Wansbeck, where the site is based, told the BBC he had spoken to the chairman of Britishvolt on Monday who said the company asked the government for £30m for the project to continue.

He said: “The chairman informs me that the government have replied overnight [with] Grant Shapps the new Business Secretary, saying that they are not prepared to do that and as a consequence it very likely that Britishvolt will go into administration.

Mr Lavery added: “It is fairly and squarely at the door of the government for basically not agreeing to bring monies forward which will ensure that this project will continue. It is absolutely outrageous – what happened to levelling up?”

The Department for Business, Energy and Industrial Strategy said the government was “determined to ensure the UK remains one of the best locations in the world for automotive manufacturing as we transition to electric vehicles, while ensuring taxpayer money is used responsibly and provides best-value”.

A Britishvolt spokesperson said the company was “aware of market speculation” and was “actively working on several potential scenarios that offer the required stability”.

Ian Lavery, the Labour MP for Wansbeck, where the site is based, told the BBC he had spoken to the chairman of Britishvolt on Monday who said the company asked the government for £30m for the project to continue.

He said: “The chairman informs me that the government have replied overnight [with] Grant Shapps the new Business Secretary, saying that they are not prepared to do that and as a consequence it very likely that Britishvolt will go into administration.

Mr Lavery added: “It is fairly and squarely at the door of the government for basically not agreeing to bring monies forward which will ensure that this project will continue. It is absolutely outrageous – what happened to levelling up?”

The Department for Business, Energy and Industrial Strategy said the government was “determined to ensure the UK remains one of the best locations in the world for automotive manufacturing as we transition to electric vehicles, while ensuring taxpayer money is used responsibly and provides best-value”.JAMB Result

A spokesperson said the government would not comment on “speculation or the commercial affairs of private companies”.

Check Jamb Result 
Check and Confirm: How much is Dollar to Naira

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

Related Posts

3 Ways to Share Data on MTN Nigeria

3 Ways to Share Data on MTN Nigeria

In this article, we will show you how to share data on MTN Nigeria using myMTN app, USSD Codes, and text messages. MTN Nigeria has made it easier…

6 Ways to Check Airtel Number in Nigeria

6 Ways to Check Airtel Number in Nigeria

In this artile, we will show you how to check airtel number in Nigeria using USSD codes, SMS, the Airtel app, or customer service. Read this guide to…

4 Ways to Check BVN in Nigeria

4 Ways to Check BVN in Nigeria

In this article, we will show you how to Check BVN in Nigeria using USSD, mobile apps, or by visiting your bank. Ensure your banking security with this…

The Role of Corporate Governance in Fundraising for African Tech Startups

The Role of Corporate Governance in Fundraising for African Tech Startups

In recent years, African tech startups have attracted significant attention from global investors, with over $5 billion in funding flowing into the continent in 2023 alone. This influx…

INKAS Safes Manufacturing: Top Home Safes for Protection and Security

INKAS Safes Manufacturing: Top Home Safes for Protection and Security

In an era characterized by rampant identity theft and cybercrime, protecting personal information is extremely important. Bank statements, credit card information, and other sensitive documents contain a large…

Nigeria: Govt Says UAE Yet to Lift Visa Ban

Nigeria: Govt Says UAE Yet to Lift Visa Ban

The Federal Government has revealed that the United Arab Emirates, UAE, is yet to lift the visa ban imposed on Nigeria.InformationGuideNigeria Tis is following reports emerged that the…

Leave a Reply

Your email address will not be published. Required fields are marked *