London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

UK battery firm staff agree to November pay cut

UK battery firm staff agree to November pay cut

Staff at the UK battery firm Britishvolt have agreed to take a "significant" pay cut as the company battles to stay afloat.

The future of the start-up was thrown into doubt over fears it could run out of money after the government rejected a £30m advance in funding on Monday.

But the firm has raised enough money from an unnamed investor to keep going until early December.

To make the money go further around 300 staff will take a pay cut for November.

Executives at the firm will not take any pay at all for the month.

Britishvolt, which has been championed by the government, wants to build a factory in Blyth in Northumberland, which would build batteries for electric vehicles but has struggled to find investors.

The £3.8bn plant had been expected to create 3,000 jobs but has already been delayed several times, which has led to doubts over whether it will become a reality.

The government had committed £100m in total to Britishvolt for the project but when the firm on Monday wanted to draw down a third of the cash early, ministers refused.

The BBC understands that the firm had to meet set milestones, including attracting a certain level of funding from the private sector, to be able to access the government grant.

Since early September, the firm has had 26 meetings with government officials from the Department for Business, Energy and Industrial Strategy.

As first reported by the Financial Times, Britishvolt will now spend the next five weeks trying to find long-term funding. If it fails it will face the renewed prospect of bankruptcy before Christmas.

Britishvolt chairman Peter Rolton told the Financial Times he was "confident" the company would be able to raise the cash in time.

"We're nudging along, we are improving the position, but the interest is definitely there," he told the newspaper.

The FT said the sum raised on Tuesday was in the "single-digit" millions of pounds, according to sources, adding that Britishvolt previously said it needed to raise £200m to keep the business running until next summer.

'Exploring more funding streams'


In a statement, the company said it was exploring "both short and long-term funding streams" to build its so-called gigafactory, with several "international investors" making approaches in the past few days.

"While the weakening economic situation is negatively impacting much business investment at present, at Britishvolt we are continuing to pursue positive ongoing discussions with potential investors," the company added.

The project had been heralded by ministers as an example of "levelling up" - a Conservative aim of investing in communities to reduce economic imbalances in the country - with Blyth being one of Labour's seats to turn blue in the 2019 General Election.

At the time, then Prime Minister Boris Johnson hailed the investment as a "levelling up opportunity", while then Business Secretary Kwasi Kwarteng said the factory and the jobs it was forecast to create was "exactly what levelling up looks like".

The £100m government pledge to Britishvolt is aimed at helping to build its battery plant, as well as attracting more private investment for the development.

However, Britishvolt has been forced to delay the start of production at the plant several times, with the latest company announcement stating it would be delayed again until the middle of 2025.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×