Britishvolt, a UK battery startup, said that it has secured a short-term investment to stay in business, and the staff will take temporary pay deductions while Britishvolt seeks long-term funding for its gigafactory project in northern England.
Almost 300 employees of Britishvolt have agreed to an unspecified salary deduction for the month of November 2022 to further decrease short-term costs. The company has outlined plans for a 4.4 billion dollars 38 GWh plant in northern England to build electric vehicle (EV) batteries.
The government of the United Kingdom, under ex-prime minister Boris Johnson, has touted the project as a large milestone towards building an electric vehicle industry as the UK heads towards a ban on combustion engine cars in 2030.
Until now, Britishvolt had raised only around 200 million pounds and had postponed its production timeline, citing external economic issues. According to Britishvolt, as the weakening economic situation is negatively impacting current business investment, the company continues to pursue positive ongoing discussions with its potential investors.
The result is that Britishvolt has now secured the necessary near-term investment, which they believe will enable them to bridge over the coming weeks to a more secure funding position in the future.
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