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Government Funding Recipient Goes Bankrupt
2022-12-17
The collapse of Britishvolt, a British battery startup, looks to be a major setback for the nation's e-mobility ambitions. On Tuesday, they filed for administration after having difficulty turning a profit and depleting their resources. Just months prior in July 2022, the company was among the recipients of government funding for its planned £3.8 billion ($4.7 billion) giga-plant in Blyth, Northumberland which would have been capable of producing enough cells for over 300,000 lithium-ion batteries each year and employ 3,000 directly with another 5,000 across its supply chain. The site would have been one of the biggest industrial investments ever made in the UK since Nissan's arrival in 1984 and the largest in the northeast region. Despite these grand plans, it appears that Britishvolt is no more - leaving UK e-mobility dreams looking bleak for now.
The downfall of Britishvolt, a UK battery startup, is an insurmountable blow for the nation's electric mobility aspirations. It was reported on Tuesday that the firm had entered administration due to struggles in making a profit and running out of funds. In July 2022, they were awarded government backing for their £3.8 billion ($4.7 billion) giga-plant in Blyth, Northumberland that was projected to generate enough cells to power over 300,000 lithium-ion batteries annually and create 3,000 direct jobs plus another 5,000 through its supply chain - making it one of the largest industrial investments in history not just within the UK but also within northeast England since Nissan arrived in 1984.
The collapse of Britishvolt, a British battery startup, looks to be a major setback for the nation's e-mobility ambitions. On Tuesday, they filed for administration after having difficulty turning a profit and depleting their resources. Just months prior in July 2022, the company was among the recipients of government funding for its planned £3.8 billion ($4.7 billion) giga-plant in Blyth, Northumberland which would have been capable of producing enough cells for over 300,000 lithium-ion batteries each year and employ 3,000 directly with another 5,000 across its supply chain. The site would have been one of the biggest industrial investments ever made in the UK since Nissan's arrival in 1984 and the largest in the northeast region. Despite these grand plans, it appears that Britishvolt is no more - leaving UK e-mobility dreams looking bleak for now.
The downfall of Britishvolt, a UK battery startup, is an insurmountable blow for the nation's electric mobility aspirations. It was reported on Tuesday that the firm had entered administration due to struggles in making a profit and running out of funds. In July 2022, they were awarded government backing for their £3.8 billion ($4.7 billion) giga-plant in Blyth, Northumberland that was projected to generate enough cells to power over 300,000 lithium-ion batteries annually and create 3,000 direct jobs plus another 5,000 through its supply chain - making it one of the largest industrial investments in history not just within the UK but also within northeast England since Nissan arrived in 1984.