[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