Britishvolt advisors are reported to have been given just five weeks to find a buyer for the job-creating gigafactory in the North East.
Investment bank Lazard is said to have been given the short window to find new owners for the site of the Blyth electric battery plant, which would create 3,000 direct jobs and around 5,000 in its supply chain, while also manufacturing hundreds of thousands of EV batteries.
Reports in The Times claim Lazard has been instructed to attract short-term US private equity ahead of a potential longer term deal. Longer term, it is said Lazard could bring in automotive companies, or battery businesses in China and Korea, and Jaguar Land Rover owners Tata Group of India is said to be among those in the frame. The reports follow comments made by Business Secretary Grant Shapps over the Government’s refusal to allow Britishvolt to draw down funds promised to the project.
