BritishVolt on the brink as £100m of government funding yet to materialise - source
A Britishvolt statement read:"We are aware of market speculation. We are actively working on several potential scenarios that offer the required stability.The company has faced uncertainty in recent months, with co-founder Orral Nadjari leaving the firm in July.
It has been hunting further funding to bolster its development ahead of the start of production, which was scheduled for 2024. Britishvolt intends to manufacture power cells for 300,000 electric vehicle battery packs a year at the planned factory, eventually employing 3,000 people, on the site of the former coal-fired Blyth Power Station.Shadow business secretary Jonathan Reynolds said:"This disastrous news is a further reminder that the economic crisis made in Downing Street is costing jobs and investment.
"It is a sight that has become all too familiar - businesses going under, jobs being lost and investment in the industries of the future going abroad rather than the UK. "The blame here lies with a Conservative government that has run Britain's economy down over 12 years, failed to back growing industries as other countries have and has completely failed to grow our economy."
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