Troubled battery maker Britishvolt said on Wednesday it had secured near-term funding needed to continue operations “over the coming weeks to a more secure funding position for the future”.
In a statement, it said its employees had voluntarily agreed to a temporary salary reduction for November. It blamed the weakening economic situation for negatively impacting business investment.
It is continuing to pursue “positive ongoing discussions” with potential investors. It added it had also received promising approaches from several more international investors in the past few days.
The company declined further comment. The group has reportedly raised enough money from an unnamed investor for five further weeks of operations. The sum raised on Tuesday was in the single-digit millions of pounds, less than the £200 million needed.
We reported on Monday that the firm was on the brink of collapse as the money ran out. Its hopes of immediate financial assistance from the government were dashed on Monday after Business Minister Grant Shapps turned down the company’s appeal for £30 million in support.
The company has been developing a £3.8bn Gigafactory in north-east England and has been in emergency fundraising talks for weeks to raise cash.
