Britishvolt in talks with investors for majority stake sale

UK battery startup Britishvolt said on Monday it is in talks with a consortium of investors about selling a majority stake in the company.

Britishvolt is planning a gigafactory project at Blyth, Northumberland, which could create up to 3,000 jobs.

The company said back in November that it had received short-term financial backing to help it stay afloat.

Britishvolt said it was “in discussions with a consortium of investors concerning the potential majority sale of the company …

“The discussions aim to secure legally binding terms that would provide Britishvolt with the long-term sustainability and funding necessary to enable it to pursue its current plans to build a strong and viable battery cell R&D and manufacturing business in the UK …

“The two parties will provide further details at the appropriate time and have nothing further to add at this stage …”

Britishvolt has outlined plans for a £3.8 billion 38 gigawatt-hour (GWh) plant in Blyth to build electric vehicle (EV) batteries and last year gained £100 million pounds in government backing — payable only after construction begins.