RE:ELBMSource: E&T editorial staff Published Monday, October 31, 2022
[url=https://EV battery firm Britishvolt under threat of administration | E&T Magazine (theiet.org)]EV battery firm Britishvolt under threat of administration | E&T Magazine (theiet.org)[/url]
Extracts by ELJ:
In what is clearly a growth sector “Troubled electric vehicle (EV) battery manufacturer Britishvolt is preparing for the possibility that it could enter administration”.
“The project was expected to cost around £3.8bn in total, with around £1.7bn of that allocated to the initial building of the gigafactory itself. Britishvolt has received tens of millions of pounds of financial backing from metals firm Glencore, which saw its shares dip on Monday morning in light of the latest developments.”
A spokesman for Britishvolt said: “We are aware of market speculation. We are actively working on several potential scenarios that offer the required stability. We have no further comment at this time.”
Comment by ElJ relative to Electra: Reliable partnerships with substantial companies in the EV materials supply chain and Governments, will be critical elements in the future of Electra(ELBM). Financial turmoil in the U.K. and critical management turn-over since November 2020 have not helped Britishvolt.
Peace,
Good Decision-making to All,
ElJ