The founder of lithium-ion battery gigafactory hopeful Britishvolt has stepped down from his role as chief executive officer at the company he launched in 2019.
The move was explained by Britishvolt as “aligned to the company’s growth plans and 2050 vision” despite there being no full time successor to Orral Nadjari’s (pictured) role.
Dr Graham Hoare has been appointed as acting CEO from his position at the firm of deputy CEO/president global operations.
A company spokesman told BEST the decision was a succession plan, not a snap decision, that was always going to be activated.
“We will now follow proper procedure, as a well governed company, and appoint the best CEO on our road to public listing. It’s highly probable that could be Graham Hoare.”
Britishvolt is due to send its first cell samples to customers this month.
The company’s spokesman Ben Kilbey confirmed to BEST that construction of the plant in Blyth had been rescheduled in line with its business plan, in light of “current external market factors”.
Nadjari said in a statement: “Although it was a difficult decision for me to step away from the operational management of the company, now is the right time for me to pass the reins, after laying the foundations, to our hugely talented, world-leading team, who will drive the business forwards as it enters the execution phase.”
Funding a gigafactory
In July, the UK government provided Britishvolt with a final grant offer through the Automotive Transformation Fund (ATF) for its planned £3.8 billion ($4.4 billion) gigafactory in Northumberland, UK.
ATF funding supports Britishvolt’s plans to build a factory that will produce enough batteries for more than 300,000 lithium-ion batteries each year, and create 3,000 direct highly-skilled jobs.
In May, Britishvolt announced it would invest more than £200 million ($235 million) with partner Prologis, to create an R&D centre in Hams Hall to build on its home-grown battery intellectual property.
Practical completion of the development was due in July with fit out and equipment installation to be undertaken through to end Q3, 2023.
In response to reports that Britishvolt was having trouble finalising a latest £200 million funding, Kilbey told BEST: “Our funding plans remain on track and are agile and nimble to counter external market forces. In light of current inflationary pressures, we are seeing a trend in the market of revised valuations in order to continue to attract long-term, sticky investors.
“Revised valuations are the right and responsible action for any business to take, considering current financial markets and rapidly accelerating inflation and interest rates.
“Our key priority is the success of the business and playing a vital role in the energy transition. No business is immune to current market conditions.”
He added: “We have revised our valuation lower as interest rates rise alongside rampant inflation – this is a sensible and responsible reaction of a well-governed company. It is also a trend in the market. It shows we are not chasing valuations, instead working towards a successful long-term business.”
