Britishvolt secures funding 'for coming weeks' as investor steps in
"The ‘Britishvolt Effect’ is of huge strategic importance to UK plc and its standing on the global battery map.” Britishvolt was formed in 2020 with the ambitious target of building a £3.8 billion gigafactory supplying Britain’s car companies with batteries from as early as 2023.
The company even plotted expansion into Canada and mulled floating on the stock exchange to raise more funds.secured £1.7bn worth of funding from investment fund Abrdn via its Tritax arm, with a further £100 million promised from the UK government. Britishvolt also hired a number of high-profile executives in recent months to help it meet its ambitious plans, includingHowever, contractors working on the Blyth site have had to stop work due to non-payment, a source told Autocar last month., saying that it was the “the right time for me to pass the reins”. Hoare was promoted to the position of acting CEO.
Potential buyer Inobat was established in Slovakia in 2019 with a view to supplying car makers located in eastern Europe, including. The company is on a similar to path to Britishvolt in that it's preparing to build an initial 1GWh plant in Slovakia, scheduled for start in 2024, with a goal to expand it to 32GWh. Despite a series of battery trials, the company has yet to sign a deal with a major car company.
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