Britishvolt is in discussions to sell a controlling ownership to a group of investors. The business has been attempting to collect money to construct a £3.8 billion battery gigafactory in the northeast of England for months. After receiving several million pounds from investor Glencore and imposing temporary salary reductions on personnel, the firm narrowly escaped going into administration last year. If the transaction is approved, it would provide Britishvolt with a lifeline until it secures concrete orders from automakers for its technology. After delivering prototypes to numerous manufacturers in 2020, the business anticipates receiving the first orders this year. The UK government has given Britishvolt support in the amount of £100 million ($135 million), however BV must begin construction work on its site in Blyth, Northumberland, to unlock a new tranche of funding.
