Britishvolt in administration

Troubled electric battery manufacturer has held an all-staff meeting during wihich the majority were made redundant before collapsing into administration.

Britishvolt was attempting to create a new £3.8bn battery factory in Northumberland.

Despite speculation that there might be a potential investor, several potential suitors including Jaguar Land Rover declined to rescue the operation, and the company hasfallenl into administration.

The company already had a brush with failure, and only last November Glencore was required to invest to prevent collapse. It has also asked the Government to advance £30m but this was turned down because certain milestones had not then been reached.

It is unlikely to be the end of the story however, as the UK will need several such facilities to reach net-zero, and the plant will almost certainty be built, it is just a question of who will own it.

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