EV battery firm Britishvolt averts immediate collapse with short-term funding

Electric vehicle charging stations in London, England.

Jon Challicom | time | Getty Images

British electric vehicle battery company Britishvolt said on Wednesday it had secured short-term funding, a move that will allow it to avoid administration for the time being. The company said its employees also took a pay cut for November.

In a report published by Sky Newsthe company said: “While the weakening economic situation is having a negative impact on many commercial investments at present, at Britishvolt we continue to have ongoing positive discussions with potential investors.”

“Additionally, we have also received promising approaches from several other international investors over the past few days.”

“The result is that we have now secured the necessary short-term investment that we believe will allow us to bridge over the coming weeks to a more secure funding position going forward.”

“To further reduce our short-term costs, our team of dedicated employees has also voluntarily agreed to a temporary salary reduction for the month of November.”

Britishvolt is looking to build a gigafactory in the county of Northumberland, in the northeast of England. The company has received backing from mining giant Glencore, among others.

Gigafactories are facilities that produce batteries for electric vehicles on a large scale. You’re here CEO Elon Musk has been widely credited with coining the term.

The UK is looking to increase the number of electric vehicles on its roads in the coming years.

The authorities want to stop the sale of new diesel and petrol cars and vans by 2030. They will require, from 2035, that all new cars and vans have zero tailpipe emissions.

The European Union, which the United Kingdom left on January 31, 2020, pursues similar objectives.

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