Hopes are rising that Britishvolt has secured funding to keep alive its plans for a 3,000-job gigafactory in Northumberland.
A number of reports on Monday suggested that the company was on the verge of going into administration, with accountancy giants EY lined up to take control of the struggling firm. But now it is understood that the company is close to securing finance to maintain its future, though it is not clear either the source of the funding or how long it will maintain the firm.
Britishvolt has been developing a £3.8bn gigafactory in Cambois, Northumberland, which it had hoped would employ up to 3,000 workers, plus another 5,000 in its supply chain. But it been in emergency fundraising talks in recent weeks and is yet to receive Government funding thought to be around £100m first promised at the start of the year.
