{"id":77866,"date":"2023-01-09T15:50:06","date_gmt":"2023-01-09T15:50:06","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/01\/09\/britishvolt-in-talks-to-secure-northumberland-gigafactory\/"},"modified":"2023-01-09T15:50:06","modified_gmt":"2023-01-09T15:50:06","slug":"britishvolt-in-talks-to-secure-northumberland-gigafactory","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/01\/09\/britishvolt-in-talks-to-secure-northumberland-gigafactory\/","title":{"rendered":"Britishvolt in talks to secure Northumberland gigafactory"},"content":{"rendered":"
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British battery company Britishvolt is in talks over a potential sale that could secure the future of a Northumberland factory.<\/b><\/p>\n<\/div>\n

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The company has developed plans to build a \u00a33.8 billion factory to make batteries for electric vehicles in Cambois.<\/p>\n<\/div>\n

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But it’s already on the verge of collapse and has had to delay production by 18 months until mid-2025.<\/p>\n<\/div>\n

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The plant is expected to employ more than 3,000 people.<\/p>\n<\/div>\n

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The sale will provide funding to continue plans to build the site, Britishvolt said.<\/p>\n<\/div>\n

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A statement said: “Britishvolt is in talks with a consortium of investors regarding the potential majority sale of the company.”<\/p>\n<\/div>\n

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It also said the deal would allow it to “pursue” plans to build a “strong and profitable” battery manufacturing business in the UK.<\/p>\n<\/div>\n

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In November, the company’s chairman, Peter Rolton, said he did not want to “sell the site” or “give the company away”.<\/p>\n<\/div>\n

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His comments came after the government rejected a \u00a330million funding advance demanded by company bosses and forced 300 existing employees to take a pay cut.<\/p>\n<\/div>\n

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The Government had previously backed the project to the point where it had pledged a total of \u00a3100m to Britishvolt but refused to allow any funds to be drawn early.<\/p>\n<\/div>\n

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At the time, Mr Rolton said it had a “reasonable runway for funding” and that the company was working “absolutely tirelessly” to “get more funding”. <\/p>\n<\/div>\n

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It is understood that a sale would mean Britishvolt can continue developing the factory until it can start making profits from selling batteries to automakers.<\/p>\n<\/div>\n

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Follow BBC North East & Cumbria on <\/i>Twitter<\/a>, <\/i>Facebook and <\/i>Instagram. Submit your story ideas to <\/i>northeastandcumbria@bbc.co.uk.<\/i><\/p>\n<\/div>\n