Britishvolt is a possible lifeline for a troubled UK battery startup.
It stated that it was “in discussions” with investors about a potential sale of the majority of the company in a statement issued this morning.
It stated that the discussions were intended to reach legally binding terms to provide Britishvolt the long-term sustainability funding it needs to continue its current plans to establish a viable and sustainable battery cell manufacturing company in the UK.
However, the firm did not reveal the identities of potential investors.
After failing to find investors to finance a PS3.8bn “gigafactory”, in Blyth (Northumberland), to produce electric car batteries, the group was on verge of going into administration.
This was in stark contrast to the plans for an initial public offer two years ago.
Britishvolt partnered Glencore PLC (LSE :GLEN), as part of its plans for a joint venture in battery recycling. This would anchor at a new Britannia Refined Metals plant.