Battery startup Britishvolt is actively engaged in discussions with a “consortium of potential investors” to offload the majority stake in its business.

The firm said: “The discussions aim to secure legally binding terms that would provide Britishvolt with the long-term sustainability and funding necessary to enable it to pursue its current plans to build a strong and viable battery cell R&D and manufacturing business in the UK.”

It added that further details will be communicated at the “appropriate” time.

A few months ago, the company behind the development of what is described as the UK’s first gigafactory, held emergency fundraising talks with car manufacturers and other investors to secure its future.

In November, the company said: “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.

“In addition, we have also received promising approaches from several more international investors in the past few days.”

ELN has approached Britishvolt for comment.