Britishvolt announced a total of 206 employees layoffs which means around 88% workforce from their overall headcount.
Stanley Reed says “Britishvolt, a prominent battery start-up that generated enthusiasm from British politicians but never commercially produced a battery, filed for insolvency on Tuesday. The collapse deals a blow to Britain’s ambitions to develop low-carbon businesses to replace some of the trade lost under Brexit. It also threatens the future of Britain’s auto industry, which requires domestic sources of electric batteries if it is to thrive.
Founded in 2019, Britishvolt promoted itself as a British domestic champion. It had plans to build a 3.8 billion pound (or $4.7 billion) battery factory near Blyth in northeast England, creating 3,000 jobs. Despite forming partnerships with companies like the carmaker Aston Martin and Glencore, the commodities trading house, it failed to raise enough money to either construct the factory or perfect its battery technologies. The company said Tuesday that it was forced into administration, analogous to filing for bankruptcy.”