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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 Last edited by arista; 01-11-2022 at 01:37 AM. |
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