EV battery firm Britishvolt deflects quick breakdown with short-term funding

EV battery firm Britishvolt deflects quick breakdown with short-term funding

U.K.- based electric vehicle battery firm Britishvolt said Wednesday it had secured short-term funding, a move that will empower it to fight off administration for the present. The organization said its workers had likewise consented to a pay cut for November.

In a statement, the firm said: “While the weakening economic situation is negatively impacting much business investment at present, at Britishvolt we are continuing to pursue positive ongoing discussions with potential investors.”

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

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

“To further reduce our near-term costs, our dedicated employee team has also voluntarily agreed to a temporary salary reduction for the month of November.”

Britishvolt is hoping to build a gigafactory in the county of Northumberland, northeast England. The organization has gotten backing from mining monster Glencore, among others.

So-called gigafactories are facilities that produce batteries for electric vehicles for a huge scope. Tesla CEO Elon Musk has been broadly credited as coining the term.

Britishvolt, which stood out because of its bullish plans, had recently said its plant would have the ability to produce in excess of 300,000 EV battery packs every year.

In January of this current year, it said the main period of the gigafactory would start creation in the final quarter of 2023 or the beginning of 2024.

The U.K. is hoping to build the number of electric vehicles on its street in the years to come.

Specialists wants to stop the sale of new diesel and gasoline cars and vans by 2030. They will expect, from 2035, every new vehicle and vans to have zero tailpipe emissions.

The European Union, which the U.K. left on Jan. 31, 2020, is chasing after comparative targets.

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