Britishvolt is in discussions to sell a majority stake in the electric car battery business in a rescue deal for the company.
The Blyth business has been working on plans to create a £3.8bn gigafactory in Cambois which it hopes could produce hundreds of thousands of electric vehicle batteries, while directly employing up to 3,000 workers and 5,000 more in its supply chain. However, the firm has been mired in financial issues for several months, leading to directors launching emergency funding talks at the end of last year, having been told it could not yet draw down on Government funding of around £100m, which was first pledged last January.
In October it also avoided administration, after sealing an eleventh hour funding injection from existing investors. Now however, the company has confirmed it is close to a sale deal.
