The UK government-backed battery startup Britishvolt is on the brink of entering administration with the potential loss of almost 300 jobs, after it struggled to find investors willing to fund its effort to build a giant £3.8bn “gigafactory” in north-east England.
The company had considered an administration as early as Monday, two sources with knowledge of Britishvolt’s operations told the Guardian. Britishvolt has lined up the accountancy firm EY to carry out the administration if it goes ahead.
However, one source cautioned that Britishvolt was also still examining other options to try to find a last-ditch rescuer, with administration possible later in the week if those talks failed. The company is thought to have cash reserves left to last a few weeks at most without further support.
A Britishvolt spokesperson said: “Company policy is to not comment on market speculation.”
The London Electric Vehicle Company (LEVC), a…
