Britishvolt rescue talks fail

BRITISHVOLT has collapsed into administration in a major blow to the UK’s hopes of creating an electric car powerhouse and putting some 230 jobs at risk.

After months of uncertainty, the start-up battery maker failed to secure a longterm solution from investors through either a sale or rescue funding.

Auditors from EY will oversee an administration process, with 206 of Britishvolt’s 232-strong workforce made redundant immediately. The other 26 are being kept on to assist with the sale of the business and its assets.

Founded in 2019, the manufacturer of lithium-ion batteries, a type of rechargeable battery used in electric vehicles (EVs), agreed to build a £3.8bn factory at Blyth in Northumberland. The site would have created 3,000 jobs and secured £100m in government funding.

But delays to construction at Blyth meant this cash injection never materialised, with the Government refusing to advance £30m of the promised support last year, leaving Britishvolt on the brink of collapse.

Dan Hurd, joint administrator and partner at EY-Parthenon, said it was ‘disappointing’ that this last-ditch attempt had failed to keep the firm afloat. ‘Britishvolt provided a significant opportunity to create jobs and employment,’ he said.