Britishvolt set to go bust in blow to UK battery hopes

Source: Automotive News

“Britishvolt is going into administration in a blow to the UK’s hopes that a homegrown battery maker will emerge to supply its shrinking auto industry. The company has selected EY as administrator and is letting go all but 25 of its 300 staff. With backing from mining giant Glencore, Britishvolt was viewed as a key part of the UK’s drive toward electrification. Under former prime minister Boris Johnson, the project had been touted as a major milestone toward building an EV industry as the country heads toward a ban on combustion engine cars in 2030. … Britishvolt was in talks last week to be rescued at a valuation of just 32 million pounds ($39 million), 95 percent less than what it was worth just last year. The company’s most valuable asset is likely to be its Blyth factory site in the northeast of England.” (01/17/23)