UK electric vehicle (EV) battery startup Britishvolt has made an application to appoint bankruptcy administrators, Reuters reported.
Britishvolt had been planning a gigafactory project at Blyth, Northumberland, which could have created up to 3,000 jobs.
Britishvolt had been in talks with potential buyers, including some of its early investors, after securing a short-term funding lifeline in November to help keep it afloat.
A majority of the 300 staff at the company were told on Tuesday that they were being made redundant with immediate effect.
Britishvolt had 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.
Reuters said reporters were told to direct requests for comment to representatives of accounting firm Ernst & Young, “who are handling the insolvency and administration.”