Staff take pay cut at Britishvolt to stave off bankruptcy

STAFF take pay cut at Britishvolt to stave off bankruptcy as the innovative company only has sufficient funding to see it through until December.

Just nine months ago, it was announced that the government’s Automotive Transformation Fund would invest £100 million in the business alongside other investors in order to see batteries for electric vehicles being produced in the UK rather than being imported from China and other countries.

As Spain invests heavily in promoting the green energy initiative thanks to significant financing from the European Union, the British government has just refused to part with £30 million of that which had been promised.

What started as a green dream with a plan to build a £3.8 billion battery factory in Blyth, Northern England has seen its life running out despite the concept being attractive to the Johnson Government as it promised thousands of new jobs in a poorer part of Britain.

In a statement, the company said on November 2, “We continue to explore both short- and long-term funding streams that will enable us to deliver on our plans to build a thriving localised, sustainable battery ecosystem based on next-generation cell technology.

“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 now has breathing space of about a month whilst it tries to keep going by finding new funding.

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