Britishvolt secures funding to evade collapse

The EV battery maker has bagged investment from Glencore and others to keep the business running

Electric vehicle (EV) battery maker Britishvolt has secured funding to help it avoid entering administration.

It made the announcement on Wednesday, revealing that employees had also agreed to take a pay cut for this month.

The statement read: “While the weakening economic situation is negatively impacting much business investment at present, at Britishvolt we are continuing to pursue positive ongoing discussions with potential investors.

“We have now secured the necessary near-term investment that we believe enables us to bridge over the coming weeks to a more secure funding position for the future.”

Mining company Glencore is one of the businesses that has contributed towards keeping the business afloat, as Britishvolt continues to strive for its goal of building a gigafactory in the Northeast.

The statement went on to say: “We have also received promising approaches from several more international investors in the past few days.

“Our dedicated employee team has also voluntarily agreed to a temporary salary reduction for the month of November.”

Britishvolt is targeting production from 2023 and looking to build 300,000 EV battery packs per year.

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