Eleventh hour meetings are being held at battery start-up Britishvolt amid moves to save the company and keep plans for a £3bn-plus gigafactory on track.
The Blyth business – which has been leading plans for a job-creating EV battery plant in Cambois capable of producing thousands of batteries a year – last week revealed it was in advanced talks with potential investors to give it “long-term sustainability and funding”. The move follows months of financial struggles, during which top executive team members didn’t take a salary and Government requests for funding pledged a year ago were knocked back.
As of last Friday, two separate bids were understood to have expressed interest in taking a majority stake – one involving private equity investor DeaLab Group leading an Indonesian consortium, and a second rival bid from a number of existing shareholders. Now it has been reported that a third bid, from a British consortium, has been put forward.
