Britishvolt in talks on possible majority stake sale
Add BT as a preferred source
ELECTRIC vehicle (EV) battery manufacturing startup Britishvolt said on Monday (Jan 9) that it is in talks with a consortium of investors about selling a majority stake in the company.
The company said the discussions were aimed at achieving “long-term sustainability” and getting the necessary funding for it to develop and manufacture batteries in Britain. It did not name the investors.
“The two parties will provide further details at the appropriate time, and have nothing further to add at this stage,” it said.
Britishvolt received backing from mining group Glencore, which kicked off a funding round last February. But by the middle of 2022, the startup said it had only raised around £200 million (S$323.5 million) and pushed back its production timeline, citing “difficult external economic headwinds”.
In November 2022, the company said it received short-term financial backing to help it stay afloat.
Britishvolt has outlined plans for a £3.8 billion 38 gigawatt-hour plant in the northern town of Blyth, Northumberland, to build EV batteries. Last year, it received £100 million in government backing, but this was payable only after construction began.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The British government under former prime minister Boris Johnson touted Britishvolt’s project as a major milestone towards building an EV industry. The UK will ban combustion engine cars in 2030.
While Britishvolt is small, the site that it owns in Blyth is considered by industry experts to be Britain’s best “shovel-ready” location for a battery factory, with plenty of renewable power available. The plant already has planning permission and local political support, meaning that an investor with enough financial backing could build a factory relatively quickly.
Auto industry executives have said that without local battery production, much of Britain’s car industry could shift overseas.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
