Britishvolt in talks to sell majority stake as it scrambles to secure funding after narrowly avoiding bankruptcy
Cash call: Britishvolt is planning to build a factory in Northumberland
Britishvolt is in talks to sell a majority stake in the business as it scrambles to secure funding after narrowly avoiding bankruptcy.
The troubled battery start-up, which is planning to build a factory in Northumberland, managed to stop itself from collapsing into administration last year after raising several million pounds in emergency funding from mining giant Glencore, one of its main backers, and temporarily cutting wages for its staff.
The company has been trying to attract even more cash to keep itself afloat and is ‘in discussions’ with a consortium of investors about potentially selling a majority stake.
The sale would provide Britishvolt with enough funding to survive until it receives firm orders from car makers for its batteries which are expected to start rolling in later this year.