LONDON — U.K.-based electric vehicle battery firm Britishvolt said Wednesday it had secured short-term funding, a move that will enable it to stave o
LONDON — U.K.-based electric vehicle battery firm Britishvolt said Wednesday it had secured short-term funding, a move that will enable it to stave off administration for the time being. The company said its employees had also agreed to a pay cut for November.
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.
Britishvolt, which attracted attention due to its bullish plans, had previously said its plant would have the capacity to produce more than 300,000 EV battery packs each year.
In January of this year, it said the first phase of the gigafactory would begin production in the fourth quarter of 2023 or the start of 2024.
The U.K. is looking to increase the number of electric vehicles on its road in the years ahead.
Authorities wants to stop the sale of new diesel and gasoline cars and vans by 2030. They will require, from 2035, all new cars and vans to have zero tailpipe emissions.
The European Union, which the U.K. left on Jan. 31, 2020, is pursuing similar targets.
CNBC
COMMENTS
I used to be recommended this web site by my cousin. I’m no longer positive whether this post is written through him as no one else recognise such unique approximately my trouble. You are amazing! Thank you!
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
You are my breathing in, I own few blogs and rarely run out from post :). “He who controls the past commands the future. He who commands the future conquers the past.” by George Orwell.
Just wanna comment on few general things, The website pattern is perfect, the written content is real fantastic. “The enemy is anybody who’s going to get you killed, no matter which side he’s on.” by Joseph Heller.
Hey very nice blog!! Man .. Beautiful .. Amazing .. I will bookmark your site and take the feeds also…I’m happy to find so many useful information right here in the submit, we need work out extra strategies in this regard, thank you for sharing.
order arimidex 1 mg generic brand arimidex order generic anastrozole
Just wish to say your article is as astonishing. The clearness in your post is just nice and i could assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the rewarding work.
The next time I read a blog, I hope that it doesnt disappoint me as much as this one. I mean, I know it was my choice to read, but I actually thought youd have something interesting to say. All I hear is a bunch of whining about something that you could fix if you werent too busy looking for attention.
Great – I should certainly pronounce, impressed with your website. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your client to communicate. Excellent task..
I just like the valuable info you provide in your articles. I’ll bookmark your weblog and check once more here regularly. I am slightly certain I will be informed many new stuff proper right here! Good luck for the next!
What¦s Happening i’m new to this, I stumbled upon this I have discovered It absolutely helpful and it has helped me out loads. I hope to contribute & help different users like its helped me. Good job.
It is in point of fact a nice and helpful piece of info. I’m happy that you shared this helpful info with us. Please stay us up to date like this. Thanks for sharing.
Hiya, I’m really glad I’ve found this info. Today bloggers publish just about gossips and web and this is really annoying. A good web site with interesting content, this is what I need. Thank you for keeping this website, I will be visiting it. Do you do newsletters? Cant find it.
This web site is my intake, really great design and style and perfect subject material.
Great post. I am facing a couple of these problems.