Battery start-up Britishvolt has appointed administrators from Big Four accountancy group EY following a failed eleventh-hour bid to rescue the company.
The Blyth business had been embroiled in last-ditch-hour meetings in the hope of finding a buyer to save it, and keep plans for its £3bn electric battery gigafactory alive. Now, however, EY has confirmed that the company collapsed because of insufficient equity investment, to fund both the ongoing research it was undertaking as well as the development of its sites in the Midlands and the North East.
Last May Britishvolt laid out plans to set to create a UK ‘battery corridor’ by building a £200m scale-up facility in the West Midlands, focusing around a 260,000 sq ft factory at Hams Hall park near Birmingham, creating and sustaining in excess of 150 skilled tech jobs.
