Would-be battery maker Britishvolt said it had gone into administration and auditing firm EY is handling the insolvency process.
Britishvolt employed some 300 people and had been struggling to raise capital. EY said Dan Hurd, Jo Robinson and Alan Hudson of EY-Parthenon were appointed joint administrators of Power by Britishvolt Limited today. The company was incorporated in 2019 and is the main UK company in the wider Britishvolt Group.
The company entered into administration due to insufficient equity investment, said EY.
The joint administrators are assessing options for realising the potential value in the business and assets of the company. They will subsequently implement an orderly closure and winding down of the company’s affairs, EY said.
In November, we reported that it had secured near-term funding needed to continue operations “over the coming weeks to a more secure funding position for the future”.
