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31-10-2022, 02:38 PM | #1 | |||
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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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01-11-2022, 12:08 AM | #2 | |||
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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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