UK Startup Britishvolt Sinks Into Bankruptcy

Struggling UK battery start-up Britishvolt will sink into bankruptcy as early as today, Nov.1, 2022, after it failed to secure additional funding to pursue its battery production.

Photo Insert: The company seems to have run out of batteries.

The company, which has been developing a £3.8-billion gigafactory in northeast England, has held emergency funding talks for weeks after burning through its cash pile, The Telegraph reported.

It had been sounding out potential suitors including Jaguar Land Rover owner Tata Motors over a £200-million cash raise or outright sale.

But the discussions have ended without a deal, the Financial Times reported, forcing Britishvolt to enter administration, shattering its dream of becoming a key player in the electric vehicle (EV) battery market.

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