Britishvolt near collapse as no funding: Government has said No
 

No way can the Government fund them
as they have put back
car battery production to start 2025,

The Funding was promised on the basis of Battery
production would start sooner.



[Britishvolt could fall into administration
as soon as Monday after the government
withdrew a promised £100m in funding
from the battery firm.

The start-up, which has been
championed by ministers,
wanted to build a factory in Northumberland
to produce batteries for electric vehicles.
However, it has twice been forced to delay
the project and is yet to generate any revenue.
That has left the firm scrambling to access
more cash to keep going.

In January, the government pledged
£100m to the firm to help it attract
more investment in its so-called
gigafactory in Blyth in the north east of England.]



https://www.bbc.co.uk/news/business-63457813

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[UK battery firm Britishvolt averts collapse as funding secured]
5 hours ago


[UK battery firm Britishvolt has averted collapse
by securing additional funding for the business,
the BBC understands.
The future of the start-up was thrown into
doubt over fears it could run out of money
after the government rejected a £30m advance
in funding on Monday.
The firm wants to build a factory in Blyth in
Northumberland which would build batteries
for electric vehicles.
The government, which had championed
the development, had committed £100m
in total to Britishvolt for the project.
It is understood the firm wanted to draw down
nearly a third of the funding early,
but the government refused.

It has now secured cash for the
business to stay afloat in the short
to medium term, sources with
understanding of the matter said.]


[The sources would not comment on
the identity of the new backer or backers.

Britishvolt has struggled to find investors to
help fund the construction of
its so-called gigafactory in Blyth.]


https://www.bbc.co.uk/news/business-63459393