3 years ago

Britishvolt Secures Mystery Funding to Avoid Collapse

  • Britishvolt, a UK-based automotive battery startup, has secured last-minute funding to avoid entering administration

  • The company's survival was in jeopardy after the government rejected its request for £30m in funding

  • The new funding, from unknown backers, will provide a lifeline for Britishvolt's £3.8bn battery "gigafactory" in Northumberland, which is expected to create 3,000 jobs

  • Britishvolt has raised over $2bn in debt financing, venture funding, and public grants

  • The company has partnerships with Aston Martin and Lotus to develop batteries for their electric vehicles.

      • ProblemTechnology

      "Britishvolt, a UK startup, was facing financial difficulties and potential collapse due to a lack of funding. The company needed to secure funds to continue its operations and build its battery gigafactory in Northumberland."

      Solution

      "Britishvolt received last-minute funding from an undisclosed source to avoid administration. This funding will provide short-to-medium term support for the company, allowing it to continue its operations and potentially complete its battery gigafactory project."

      Covered on