UK battery start-up Britishvolt is holding emergency talks as looks to find a last-minute rescue to avoid falling into administration, according to a report on Tuesday.
The company, which has been developing a £3.8bn billion gigafactory in Blyth, Northumberland, needs fresh funding in order to continue operations.
It is understood the business has fielded interest from potential investors and has not yet entered administration, the Press Association news agency reported, citing unnamed sources.
However, it had lined up advisers from EY to oversee any potential insolvency process.
The government backed the plans for the firm’s gigafactory in January and said it would support Britishvolt with undisclosed funding, understood to be around £100m. However, the firm has not yet received this funding.
Britishvolt has also received tens of millions of pounds of financial backing from FTSE 100 metals firm Glencore.
On Monday, a spokesman for Britishvolt said it was “working on several potential scenarios that offer the required stability” for it to continue operating.
Reporting by Frank Prenesti for Sharecast.com