LONDON :Britishvolt, the UK startup which struggled to raise funds for an major electric vehicle battery factory in northern England, filed for administration on Tuesday in a blow to the country's hopes of building a home-grown battery industry.Britishvolt's failure marks a step back for Britain's car sector
LONDON :Britishvolt, the UK startup which struggled to raise funds for an major electric vehicle battery factory in northern England, filed for administration on Tuesday in a blow to the country's hopes of building a home-grown battery industry.
Competing bids of around 30 million pounds from three early investors versus Indonesia-linked investment fund DeaLab Group were rejected by Britishvolt's creditors. A majority of Britishvolt's 300 staff were told on Tuesday they were being made redundant with immediate effect, two sources familiar with the matter said.
The planned plant site at Blyth is regarded as Britain's best"shovel-ready" location to make EV batteries at scale, with the land already acquired and planning permission in place. "Back in July Boris Johnson when he was the prime minister told me that the cheque was in the post to Britishvolt," opposition Labour politician Ian Lavery said in a statement."But the reality is they have never received a penny from the government."
To comply with trade requirements with the European Union, a large part of an EV by value must be built in Britain to avoid tariffs.
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