Battery technology company Britishvolt has secured the necessary near-term investment to bridge over the coming weeks to a more secure funding position for the future, the company has said in response to the recent speculation concerning its status.
“We have previously spoken about the need to evolve our business strategy in response to challenging external factors and continue to explore both short- and long-term funding streams that will enable us to deliver on our plans to build a thriving localised, sustainable battery ecosystem based on next-generation cell technology,” the company said.
The company further said the weakening economic situation is negatively impacting much business investment at present, but it is continuing to pursue positive ongoing discussions with potential investors. “In addition, we have also received promising approaches from several more international investors in the past few days,” Britishvolt said.
To further reduce the company’s near-term costs, its employee team has also voluntarily agreed to a temporary salary reduction for the month of November.
“It is important that Britishvolt is a success not only for the close to 300 employees currently working for the company, but also for the many thousands of jobs we intend to create in the UK as we progress our plans,” the company said. The “Britishvolt Effect” is also of huge strategic importance to UK plc. and the country’s standing on the global battery stage, it added.