LONDON — British startup British Volt, which has been struggling to finance a major electric vehicle battery factory in northern England, applied for control on Tuesday, following the country’s hopes of building a domestic battery industry. I gave it a shot.
Britishvolt’s failure could spell setbacks for the UK car sector, as industry insiders and experts consider a domestic EV battery factory vital to prevent UK car production from shifting to mainland Europe. I mean
Britishvolt had been in talks with a potential buyer after securing a short-term funding lifeline in November.
British Vault creditors have rejected a bid of around £30m ($36.8m) from three early investors for Indonesia-linked investment fund DeaLab Group.
“We had hoped that British Vault would find a suitable investor, but we are disappointed to hear that this is not possible,” the UK business department said in a statement.
The department said it will continue to work with local governments and potential investors to ensure the best possible outcome for the site.
A team from EY-Parthenon, the restructuring division of accounting firm Ernst & Young, has been appointed as manager.
Managers said British Vault was managed “due to insufficient equity investment” for the site’s continued research and development.
Two sources familiar with the matter said most of British Bolt’s 300 staff would be laid off immediately on Tuesday.
Ben Nermes, CEO of British transport research firm New Automotive, said: “The news that British Bolt is filing with the administration is very disappointing and will continue to drive the UK towards cleaner and cheaper transport. Hit the transition.
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British Bolt had previously outlined ambitious plans to build a 38 gigawatt-hour factory in an industrial area in the north of England to make batteries for electric vehicles.