The Business Secretary has insisted battery start-up Britishvolt must meet agreed milestones before it can access part of a £100m grant, promised to it earlier this year.
Grant Shapps, who took over the brief a little more than a week ago, said the money was still "absolutely available" - but was contingent on Britishvolt meeting certain criteria which the Government has previously outlined, as firmed up customers and further private investment. He made the comments on BBC Radio 4's Today programme, a day after Britishvolt's chairman Peter Rolton said he was confident that ongoing negotiations with backers would come good, in the next three weeks.
The firm was reported to be on the verge of administration earlier this week before it confirmed a short term funding injection - thought to be from an existing investor - that would stave off collapse for a matter of weeks. In a bid to cut costs, some of the start-up's 300 staff have agreed to a voluntary pay cut and its executive team has agreed a total pay cut for November.
