Plans for a £3.8bn 'gigafactory' in Blyth were part of a long-term vision to boost UK manufacturing of electric vehicle batteries
“Delays to the government’s zero emissions vehicle mandate have created additional uncertainty around rates of EV uptake and future demand for EV batteries,” he added. “The UK urgently needs a green industrial strategy to prevent the trickle of bad news about the UK car industry turning into a torrent in a few years’ time.”
Britishvolt had been searching for short-term investment – including a £30m advance on its promised government funding – and tax rebates as it searched for a long-term rescue deal. A late offer from a consortium of shareholders was selected as a “preferred offer” last week and was seen as its last option to remain afloat, but the company’s creditors refused to back the deal. The deal included £30m of investment for complete control of the company, with £128m of further cash to be invested later.
Instead, EY has been appointed as administrator and will consider any options for a sale of the business and its assets. The accountancy firm described the move as “disappointing” and said it would help the 300 affected staff members. Dan Hurd, joint administrator and partner at EY, said the firm had offered “a significant opportunity to create jobs and employment, as well as support the development of technology and infrastructure needed to help with the UK’s energy transition”.
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Britishvolt files for administration as rescue talks fail\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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Britishvolt files for administration as rescue talks fail\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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