Elon's Vision
  • Contacts
  • Privacy Policy
  • Terms & Conditions
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Elon's Vision
No Result
View All Result
Home Investing

UK battery start-up Britishvolt makes majority of 300 staff redundant after entering administration

by
January 17, 2023
in Investing
0
UK battery start-up Britishvolt makes majority of 300 staff redundant after entering administration
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

Hundreds have lost their jobs after British electric car battery company Britishvolt fell into administration.

The majority of Britishvolt’s approximate 300 staff have been made redundant, administrators said, after the group made an application for administration to the courts on Tuesday.

It followed talks with investors over a possible sale to keep the firm afloat.

Britishvolt has been on the brink of collapse since £100m of promised government funding to build a planned battery gigafactory was delayed due to key targets for the investment being missed.

The move will have implications for Britain’s vehicle manufacturers, which experts say need battery factories to stop much of the country’s car production from shifting to mainland Europe.

Downing Street issued a statement soon after the news was announced saying it was aware of the speculation but would not comment directly on the firm, saying “we will await further updates from that specific company”.

The prime minister’s official spokesman said: “We continue to take steps to ensure the UK remains one of the best locations in the world for automotive manufacturing as we transition to electric vehicles.

“We are investing record sums in R and D including the recent announcement of £211m into the Faraday battery challenge.”

But replying to a question from Labour’s Darren Jones, the chair of the Business, Energy and Industrial Strategy Committee, a government minister was forced to state in parliament that the government had not withdrawn any money from Britishvolt.

Kevin Hollinrake replied: “Clearly taxpayers’ money is important. It’s important that we dispense that money in a responsible way.

“There were clear milestones we expect anybody who’s received public money to hit and we are looking at the situation very carefully to make sure they are.”

Private funding contingent on government cash

Britishvolt chief executive Graham Hoare told media in November that staff agreed to a “substantial” temporary pay cut as it continued to weigh up its financial future.

The £3.8bn gigafactory project, in the Port of Blyth, Northumberland, was backed by £1.7bn of private funding. But the private finance was offered up on the condition that much of that sum would only be unlocked when the government aid was paid.

It is understood that, last year, the Department for Business, Energy and Industrial Strategy (BEIS) believed that the company had not met certain criteria for the £100m payment to be handed over, forcing it to seek cash elsewhere.

The company intended to manufacture power cells for 300,000 electric vehicle (EV) battery packs a year, eventually employing 3,000 people on the site of the former coal-fired Blyth Power Station.

Project praised by Boris Johnson

Britishvolt’s ambitions were praised by former prime minister Boris Johnson, who said the factory will “boost the production of electric vehicles in the UK”, and cement the country’s place “at the helm of the global green industrial revolution”.

But in October last year, Labour said the government was clearly to blame for the company’s financial troubles.

Shadow business secretary Jonathan Reynolds said at the time: “It is a sight that has become all too familiar – businesses going under, jobs being lost and investment in the industries of the future going abroad rather than the UK.”

Read more:
UK battery start-up Britishvolt makes majority of 300 staff redundant after entering administration

Previous Post

The Italian City-Republics Were the Manhattan of the Twelfth Century

Next Post

Spelling Out the Problem with W-o-k-e-n-e-s-s

Next Post

Spelling Out the Problem with W-o-k-e-n-e-s-s

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest

Jay Bhattacharya on Public Health

October 12, 2021

That Bangladesh Mask Study!

December 1, 2021

Antitrust Regulation Assumes Bureaucrats Know the “Correct” Amount of Competition

November 24, 2021
Pints of champagne could be the next ‘Brexit dividend’

Pints of champagne could be the next ‘Brexit dividend’

December 24, 2021

HP, PCP, PCH or Personal Loan: What’s the Best Car Finance Option in 2025?

0

0

0

0

HP, PCP, PCH or Personal Loan: What’s the Best Car Finance Option in 2025?

July 3, 2025

Blue Stream Academy Joins Agilio Software to Create an Integrated Healthcare Training and Compliance Platform

July 3, 2025

Raeon Unveils New Battery Test and Validation Centre at MIRA Technology Park

July 3, 2025

UK Homeowners Embrace Secondary Glazing for Comfort and Charm

July 3, 2025

Recent News

HP, PCP, PCH or Personal Loan: What’s the Best Car Finance Option in 2025?

July 3, 2025

Blue Stream Academy Joins Agilio Software to Create an Integrated Healthcare Training and Compliance Platform

July 3, 2025

Raeon Unveils New Battery Test and Validation Centre at MIRA Technology Park

July 3, 2025

UK Homeowners Embrace Secondary Glazing for Comfort and Charm

July 3, 2025

Disclaimer: ElonsVision.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Contacts
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 ElonsVision. All Rights Reserved.

No Result
View All Result
  • News
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 ElonsVision. All Rights Reserved.