Britishvolt is hoping a last-ditch bid can save the electric vehicle battery manufacturer from falling into administration, according to reports.
People familiar with the matter, cited in the BBC, said a British consortium could be a potential new bidder.
Shareholders have been in talks on who will take over the group’s £3.8bn battery plant project in Northumberland.
Currently, the two bidders for the project are an Indonesian-based investment group with no track record in manufacturing and a group of small investors who do not wish to see the value of their shares wiped out.
The plant is seen as vital to the future of the car-making industry in the UK.
Former prime minister Boris Johnson had promised £100mln to the start-up to assist in tooling the factory. Thus far, however, the company hasn’t received a penny of those funds because their release is contingent upon reaching construction milestones.
High energy costs and rising interest rates have been blamed for a delay in the construction project, with the company forecasting production will not be ready until 2025, two years later than previously planned.
Britishvolt has struggled with liquidity issues since August last year when it's then chief executive and co-founder Orral Nadjari stepped down after question marks were raised over the funding of the northeast ‘gigafactory.’
Last week, Britishvolt said it was in discussions with a consortium of investors concerning the potential majority sale of the business.