February 9, 2023

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Britishvolt battery-powered electric company avoids instant meltdown with short-term financing

Britishvolt battery-powered electric company avoids instant meltdown with short-term financing

Charging points for electric cars in London, England.

John Chalikum | moment | Getty Images

UK-based electric car battery company British Volt said on Wednesday it had secured short-term funding, a move that would enable it to avoid management for the time being. The company said its employees also agreed to a pay cut for November.

in the current situation Published by Sky News“While the weak economic situation is negatively impacting much business investment at the moment, we at Britishvolt continue to follow ongoing positive discussions with potential investors,” the company said.

“In addition, we have also received promising approaches from several international investors in the past few days.”

“The result is that we have now secured the necessary near-term investment that we believe can enable us to bridge over the coming weeks to a more secure financing position for the future.”

“To reduce our costs in the near term even further, our dedicated team of employees has voluntarily agreed to a temporary salary cut for the month of November.”

Britishvolt is looking to build a massive plant in Northumberland, North East England. The company has received support from mining giant Glencore, among others.

So-called gigafactories are facilities that produce batteries for electric vehicles on a large scale. Tesla CEO Elon Musk is widely credited as coining the term.

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

The authorities want to stop selling diesel and petrol cars and vans by 2030. From 2035, they will require all zero-emission cars and vans.

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The European Union, which the United Kingdom left on January 31, 2020, striving to achieve similar goals.

This is a breaking news story, please check back later for more information.