Britishvolt has secured funding from an anonymous source to keep it afloat until December. A report, quoting chair Peter Rolton, confirmed staff have also agreed to take a 'significant' pay cut 'in order to make the money last'. Full report:
The spokesman added: "It is important that Britishvolt is a success: not only for the 300 employees currently working for the company, but also for the many thousands of jobs that we intend to create at our gigaplant site in Northumberland and our R&D and scale-up facilities in the West Midlands, and for the future of the UK auto industry and the country’s target to become net carbon zero by 2050.
Britishvolt was formed in 2020 with the ambitious target of building a £3.8 billion gigafactory supplying Britain’s car companies with batteries from as early as 2023.
from investment fund Abrdn via its Tritax arm, with a further £100 million promised from the UK government.
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