The last-minute funding lifeline for troubled battery maker Britishvolt will last for only five weeks, according to its chairman.
Peter Rolton said the group had received the cash injection from an unnamed investor to keep the company afloat until early December.
The backer provided the money, which is thought to be only in the single-digit millions of pounds, on the condition of anonymity.
Britishvolt chairman Peter Rolton said the group had received the cash injection from an unnamed investor to keep the company afloat until early December
Staff also agreed to take a ‘significant’ pay cut this month while executives work for no salary, Rolton told the Financial Times.
Following its last-minute reprieve from bankruptcy, Britishvolt is in talks with potential backers as it seeks funding to push ahead with plans to build a £3.8billion gigafactory in Blyth, Northumberland.
The funding injection came after the firm nearly collapsed into administration.
Business secretary Grant Shapps refused the company’s request for a £30million package but Britishvolt’s chief executive Graham Hoare told Sky News he expected a £100million government payment, previously agreed to support the Blyth factory, to be in place next year.
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