Embattled gigafactory startup Britishvolt plans to appoint administrators after last-ditch bids to secure a rescue deal appear to have failed.
The company filed a notice to the UK’s High Court on Tuesday morning stating it intends to appoint an administrator.
Its demise is a blow to Britain’s hopes to shore up an electric vehicle supply chain. The company was planning to build the UK’s largest electric vehicle battery manufacturing facility. Most European countries have a gigafactory project in the works — or, in the case of Sweden’s Northvolt, up and running.
This is the second time administration rumours have swirled around Britishvolt. At the end of last year, it was reported to be facing financial difficulties but then managed to secure an 11th-hour reprieve in the form of five weeks of emergency funding.
In the time since, Britishvolt had lost around 10% of its staff, including multiple members of senior management. Its creditors had also taken legal measures to shore up their positions should the company fail to secure sufficient funding to keep going.
It was said to be in talks with an Indonesian investor to secure a rescue deal, but it appears the discussions have not reached an adequate conclusion.
Britishvolt raised £200m in funding from private markets, notably from mining giant Glencore. The UK government had also promised the startup £100m in funding, dependent on it reaching certain milestones. Britishvolt told Sifted it had not received any of the promised government funding.
