Northumberland battery plant Britishvolt secures short-term funding as its 300 staff take a pay cut
The UK battery start-up behind a £3.8billion gigafactory in Blyth has secured short-term funding to allow their plans to go ahead.
Britishvolt has been in emergency fundraising talks in recent weeks, and was preparing to potentially fall into administration after it had not received funding from the government, understood to be around £100 million.
The company said the fresh investment will enable it to “bridge over the coming weeks to a more secure funding position for the future”.
However, it added that employees at the business have agreed a voluntary salary cut for November in order to help reduce costs.
In a statement, Britishvolt said: “It is important that Britishvolt is a success not only for the close to 300 employees currently working for the company, but also for the many thousands of jobs we intend to create in the UK as we progress our plans."
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