U.K.-based car battery firm Britishvolt has staved off administration for now, announcing Wednesday that it had secured short-term funding.
In a statement published by Sky News, 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 looking to build a gigafactory in the county of Northumberland, northeast England. The company has received backing 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 has been widely credited as coining the term.
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