News of a potential lifeline for troubled UK battery start-up Britishvolt.
In a statement this morning it said it is “in discussions with a consortium of investors concerning the potential majority sale of the company.”
“The discussions aim to secure legally binding terms that would provide Britishvolt with the long-term sustainability and funding necessary to enable it to pursue its current plans to build a strong and viable battery cell R&D and manufacturing business in the UK” it said.
The firm did not, however, reveal the identity of the possible investors.
The group was close to heading into administration last autumn after it struggled to find investors to fund a £3.8bn “gigafactory” in Blyth, Northumberland, to build electric car batteries.
The downturn in fortunes was in sharp contrast to plans for an initial public offering two years ago.
As part of its plans Britishvolt partnered with Glencore PLC (LSE:GLEN) in a battery recycling joint venture which would be anchored at a new plant located at the Britannia Refined Metals operation.