Build & Sustainability
Britishvolt ‘working on several scenarios’ to secure Cambois factory future
November 28, 2022
A company behind 3000-job electric vehicle battery factory plans says it is “continuing to actively work on several potential scenarios” to secure its future.
Britishvolt says it remains committed to building “a strong and viable business” after a £30 million Government cash delay reportedly left it facing administration.
The company’s proposed plant, set for Cambois, near Blyth, Northumberland, is earmarked to create 3000 direct jobs and support another 5000 supply chain posts by making hundreds of thousands of vehicle power packs every year.
However, its future was thrown into doubt last month when a request for a £30 million Government advance – as part of a wider £100 million Downing Street-led Automotive Transformation Fund deal – was refused.
The company subsequently agreed an 11th hour investor deal to continue operations in the “near-term”, which it said would provide “a bridge to a more secure funding position for the future”.
And bosses – who previously cited “challenging external factors” and the “weakening economic situation” as key drivers in its difficulties – have now said they will reveal “more about our planned future direction early in the new year”.
The update came amid a rebuttal of a national newspaper’s claim it had tapped into the Automotive Transformation Fund to aid its progress.
A spokesperson said: “While the Government announced in January its support for the business, which was then further confirmed in July, the company has not yet drawn down any of the grant funding from the Automotive Transformation Fund.
“No British public money has been accessed by Britishvolt via the fund, to date.
“Britishvolt is continuing to actively work on several potential scenarios offering the longer-term sustainability needed to enable the company to build a strong and viable British battery cell research and development and manufacturing business.
“We will say more about our planned future direction at the appropriate time early in the new year.”