EMEA News
Scorpio Backed Battery Startup Falls Into Administration
Battery startup Britishvolt today has entered into administration and made most of its 300-strong staff redundant, administrators EY had confirmed.
Founded at the end of 2019, the firm had intended to provide low-carbon batteries for a range of application to help accelerate electrification efforts.
As Ship & Bunker reported in May last year, Shipping group Scorpio invested an undisclosed amount in the firm, with Britishvolt saying at the time it was "a clear endorsement of Britishvolt's vision for 2050, whereby not only electric vehicles adopt our low carbon, sustainable battery cell capacity but also maritime and aviation."
The failure of Britishvolt comes after months of financial problems at the firm, and follows reports it was hemorrhaging cash as it sought to raise enough investment to build a £3.8 billion ($4.66 billion) gigafactory in Northumberland, UK.
"The company has entered into administration due to insufficient equity investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England," EY said today.
"The joint administrators are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets, for the benefit of creditors.
"The administrators will subsequently implement an orderly closure and winding down of the company's affairs, as required."
