About 300 staff at Britishvolt have agreed to take a temporary pay cut as the company battles to stay afloat.
Staff at the UK battery firm Britishvolt have agreed to take a "significant" pay cut as the company battles to stay afloat.
The BBC understands that the firm had to meet set milestones, including attracting a certain level of funding from the private sector, to be able to access the government grant. "We're nudging along, we are improving the position, but the interest is definitely there," he told the newspaper. The project had been heralded by ministers as an example of "levelling up" - a Conservative aim of investing in communities to reduce economic imbalances in the country - with Blyth being one of Labour's seats to turn blue in the 2019 General Election.
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Britishvolt set to enter administration as early as Monday\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
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UK battery start-up Britishvolt nears collapse months after Boris Johnson hailed 'levelling up'🔋 The start-up, Britishvolt, is on the brink of collapse just months after Boris Johnson hailed its plans for a huge factory to make car batteries for electric vehicles in the North East as a significant “levelling up” and post-Brexit opportunity
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UK battery firm Britishvolt averts collapse as funding securedThere were fears Britishvolt could run out of money after the government refused to advance funding.
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Britishvolt secures five-week funding lifeline\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
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