British Volt, a Swedish-based battery company, was on the brink of collapse last fall. Then they got short-term financing – now they want to get long-term financing.
The British Volt has had a dream autumn behind it. The company collapsed when Rishi Sunak reneged on a promise of £100 million (approximately SEK 1.2 billion) in funding. Something Dagens PS reported earlier.
British Volt Swedish established
The company was founded by a Swedish entrepreneur Lars Carlstrom 2020, saved at the last minute, and now they want to secure long-term funding for the giga-factory they are planning in the north of England.
British Vault wants to sell most of the shares to a consortium of investors, but it does not want to say who is part of the consortium.
Will new investors take over?
The Guardian writes It is considered new investors and cites a source that the parties are not partners at this time.
According to The Guardian, the company wrote to shareholders on Monday.
“Possible majority sale”
According to The Guardian, British Volt said in a statement that it is “in discussions with a consortium of investors about the sale of the majority of the company”.
“The aim of the discussions is to secure the legal terms that will provide British Volt with the funding and long-term sustainability necessary to achieve its planned objectives of building a strong and viable battery cell research and development and manufacturing operation in the UK,” British Volt writes. .
The company’s employees agreed to a 50 percent pay cut last fall, but their wages have since been restored.
read more: Battery companies are saved from collapse at the last minute [Dagens PS]
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