£300m gigaplant backer Britishvolt goes into administration

Grant Prior 2 weeks ago
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UK car battery firm Britishvolt was placed into administration on Tuesday.

Britishvolt was building a £300m car battery plant in Northumberland.

But main contractor ISG paused construction work last summer when funding dried-up for the project.

The company had also linked-up with warehouse giant Prologis on a new £200m tech centre in the West Midlands where Winvic completed the base build for Prologis last September and NG Bailey has a £60m M&E package.

Britishvolt has been battling to secure long-term financing since then but management have now called time on their efforts.

The company is now in the hands of administrator EY with most of Britishvolt’s 200 staff made redundant with immediate effect.

EY said: “The Company has entered into administration due to insufficient equity investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England.

“The Joint Administrators are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets, for the benefit of creditors.

“The administrators will subsequently implement an orderly closure and winding down of the company’s affairs, as required.

“As a result, regrettably, the majority of Power by Britishvolt Limited employees have been made redundant with immediate effect. All those impacted are being offered appropriate support and advice.”

Dan Hurd, Joint Administrator and Partner at EY-Parthenon commented: “Britishvolt provided a significant opportunity to create jobs and employment, as well as support the development of technology and infrastructure needed to help with the UK’s energy transition.

“It is disappointing that the company has been unable to fulfil its ambitions and secure the equity funding needed to continue.

“Our priorities as Joint Administrators are now to protect the interests of the company’s creditors, explore options for a sale of the business and assets, and to support the impacted employees.”

Prologis said the West Midlands site would be unaffected by the news.

Paul Weston, Regional Head, Prologis UK said: “It was disappointing to hear that Britishvolt entered administration today.

“Prologis UK has worked hard to support Britishvolt in their ambitions to develop and manufacture battery technology in this country, including during their widely reported financial challenges of the last few months. We wish their team well in their future endeavours

“Our unit at Prologis Park Hams Hall, DC2,  previously earmarked for Britishvolt’s scaleup facility in the West Midlands, is unimpacted by today’s news and will now be marketed as available for immediate lease.

“We will look to secure another customer as soon as possible to bring valuable jobs and skills to the West Midlands.”

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