Britishvolt has inked a deal with Aston Martin to build batteries for its first EV.
UK battery startup Britishvolt is in talks to be rescued for 32 million pounds ($39 million), 95 percent less than its valuation just last year.
The deal, organized by a consortium led by Dealab Group, needs the support of 75 percent of shareholders in a vote that is due on Friday, according to a person familiar with the matter who asked not to be named because the transaction is private.
A funding round in February last year valued Britishvolt at more than 774 million pounds.
Britishvolt was touted as a key part of the UK’s drive to build an electric-vehicle industry, before it was forced to seek short-term bridge funding late last year to stave off collapse.
Finding enough cash to build the 2.6 billion pound plant was a struggle for the startup with automotive customers more keen to sign cooperation agreements rather than firm orders.
Deals have been signed with Aston Martin, whose first electric vehicle in 2025 will be powered by batteries developed with Britishvolt and Lotus, the first publicly announced customer for the company.
Britishvolt said on Monday it is in discussions with a consortium of investors to sell a majority stake to secure long-term funding.
The battery company is still waiting for 100 million pounds of UK government funding, announced in January 2022, from its Automotive Transformation Fund.
The company’s investors include mining giant Glencore, which was among the lenders that provided emergency funding.
The new investor would initially provide the battery-maker with 30 million pounds, and then another 128 million pounds during this year, according to the Financial Times newspaper.
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