UK battery firm Britishvolt averts collapse as funding securedon October 31, 2022 at 8:26 pm

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There were fears Britishvolt could run out of money after the government refused to advance funding.

Britishvolt's proposed gigafactory in north east EnglandImage source, Britishvolt

UK battery firm Britishvolt has averted collapse by securing additional funding for the business, the BBC understands.

The future of the start-up was thrown into doubt over it fears it could run out money after the government rejected a £30m advance in funding on Monday.

The firm wants to build a factory in Blyth in Northumberland which would build batteries for electric vehicles.

The government, which had championed the development, had committed a total £100m to Britishvolt for the project.

It is understood the firm wanted to draw down nearly a third of the funding early but the government refused.

It has now secured secured cash for the business to stay afloat in the short to medium term, company sources said.

The sources would not comment on the identity of the new backer or backers.

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