There were fears Britishvolt could run out of money after the government refused to advance funding.
Business editor
The firm wants to build a factory in Blyth in Northumberland which would build batteries for electric vehicles. It has now secured cash for the business to stay afloat in the short to medium term, sources with understanding of the matter said.Britishvolt has struggled to find investors to help fund the construction of its so-called gigafactory in Blyth.
The project has been heralded by ministers as an example of "levelling up" - a Conservative aim of investing in communities to reduce economic imbalances in the country - with Blyth being one of the "red wall" seats to turn blue in the 2019 general election. At the time, the then Prime Minister Boris Johnson hailed the investment as a "levelling up opportunity", while the then Business Secretary Kwasi Kwarteng said the factory and the jobs it was forecast to create was "exactly what levelling up looks like".
He said the chairman said the new Business Secretary, Grant Shapps, had said the government was "not prepared to do that" which meant it was likely Britishvolt would go into administration if other funding was not found.
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