Startup that hoped to transform UK car production was once valued at more than £800m, but collapsed worth a tiny fraction of that
When Britishvolt, a startup hoping to transform UK car production by making batteries for electric vehicles, rented a seven-bedroom £2.8m mansion with a swimming pool and Jacuzzi-style bath for workers, some employees were uncomfortable with the impression it gave of lavish spending.
Founded in 2019, Britishvolt began with grand ambitions – hailed by the then prime minister, Boris Johnson – to become the first domestically owned battery factory in a car industry that employs tens of thousands of British workers, but where the big manufacturers are all overseas companies. The planned factory would have been able to supply 30 gigawatt hours (GWh) of batteries a year, enough for hundreds of thousands of cars.
