Britishvolt holds talks over selling majority stake
Image of Britishvolt's Gigafactory project in Blyth. Source: Britishvolt.
UK battery technology company Britishvolt on Monday said it is in talks with a consortium of investors about a potential sale of a majority stake in the company.
The parties aim to agree 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,” the company adds in a statement.
Further details will be provided at the appropriate time.
Launched in 2019, Britishvolt has been working to build a GBP-3.8-billion (USD 4.6bn/EUR 4.3bn) lithium-ion battery gigafactory in Blyth, Northumberland. In November 2022, the company said it had secured near-term investment to bridge over the following weeks to a more secure funding position for the future. That statement followed reports that the business had considered calling in administrators.