Britishvolt, a UK-based battery startup, announced on Monday that it is currently in negotiations with a group of investors to sell a majority share in the company. The company did not disclose the identities of the potential investors. In November, Britishvolt revealed that it had secured temporary financial support to maintain operations. The current talks are aimed at securing long-term funding for the development and production of batteries in Britain.
“The two parties will provide further details at the appropriate time and have nothing further to add at this stage,” Britishvolt said.
Britishvolt has proposed a $4.6 billion, 38 GWh facility in Blyth, in Northern England to manufacture electric vehicle (EV) batteries. The company received 100 million pounds in government funding for the project last year, but the funding will only be released once construction has begun.
The startup had previously secured financial support from mining company Glencore, which launched a funding round for the startup in February of last year. The British government under former Prime Minister Boris Johnson had promoted Britishvolt’s project as a significant step in establishing an EV industry as the country works towards a 2030 ban on gasoline and diesel vehicles.
However, as of last summer, Britishvolt reported having raised only around 200 million pounds and delayed their production timeline due to “difficult external economic headwinds.”
Despite being a relatively small company, Britishvolt’s Blyth site is viewed by industry experts as the most suitable and ready-to-go location in the UK for a battery factory due to the availability of renewable energy sources.
The location already has approved plans and support from local government, allowing an investor with the necessary financial resources to construct a factory at a relatively fast pace. Auto industry leaders have stated that without a domestic battery production, a significant portion of the British car industry could relocate to other countries.
