Company struggles to find investors willing to fund effort to build giant £3.8bn ‘gigafactory’ in north-east
The UK government-backed battery startup Britishvolt is considering entering administration with the potential loss of almost 300 jobs after it struggled to find investors willing to fund its effort to build a giant £3.8bn “gigafactory” in north-east England.
The company could announce an administration as soon as Monday, with the accountancy firm EY lined up to carry it out if it goes ahead, two sources with knowledge of Britishvolt’s operations, told the Guardian. However, one source cautioned that Britishvolt was also still examining other options.