Job losses at Britishvolt as battery maker enters administration

Dan Hurd, Jo Robinson and Alan Hudson of EY-Parthenon, Ernst & Young's global strategy consulting firm, have been appointed joint administrators of Power by Britishvolt Limited.

Power by Britishvolt Limited was incorporated in 2019 and is the main UK company in the wider Britishvolt Group which was set up with the intention of building and operating a Gigafactory in Northumberland to deliver batteries to the UK motor industry and beyond. No other entities in the Britishvolt Group, including a number of UK entities, are in administration.

The company has entered administration due to insufficient equity investment for the ongoing research it was undertaking and the development of its sites in the Midlands and North East England.

The joint administrators said they are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets.

The administrators will now implement the closure and winding down of the company. Consequently, the majority of Power by Britishvolt Limited employees have been made redundant with immediate effect.