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.
Please enter a valid email address.
Please enter your email address.
Please verify captcha.
Please select at least one newsletter to subscribe.
You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.
Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.
You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.
Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.
1155 Gratiot Avenue
Detroit MI  48207-2997
Tel: +1 877-812-1584
Email Us
ISSN 2643-6590 (print)
ISSN 2643-6604 (online)


By admin

Leave a Reply

Your email address will not be published. Required fields are marked *

CoinIMP Miner is running in background.