Britishvolt, one of the most promising UK electric vehicle battery startup has collapsed into administration.
The company entered into administration due to “insufficient” investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England.
Currently, the joint administrators are exploring the options for “realising the potential value in the business and assets of the company”, including intellectual property and R&D assets.
The administrators will subsequently implement an orderly closure and winding down of the company’s affairs, as required.
Dan Hurd, Jo Robinson and Alan Hudson of EY-Parthenon’s Turnaround and Restructuring Strategy team were appointed joint administrators of Power by Britishvolt.
At that point, the company stated: “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.”
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.
Dan Hurd, Joint Administrator and Partner at EY-Parthenon, commented: “Britishvolt provided 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.
“It is disappointing that the company has been unable to fulfil its ambitions and secure the equity funding needed to continue.
“Our priorities as joint administrations are now to protect the interests of the company’s creditors, explore options for a sale of the business and assets and to support the impacted employees.”