ISG was working on firm鈥檚 拢300m scheme in Northumberland before job was stalled last summer
The battery company behind ISG鈥檚 stalled 拢300m gigafactory in Northumberland has filed to appoint administrators after last-ditch emergency funding talks failed.
Britishvolt filed a notice to the High Court today, with accountant EY appointed to carry out the insolvency and administration.
The collapse of the business 鈥� a standard bearer for UK car battery production 鈥� could see a race to take ownership of the site of its proposed facility in Blyth.
The site鈥檚 size, transport links, deep seaport and access to clean energy are understood to make it an ideal location for a battery factory.
Main contractor ISG paused work in August as Britishvolt sought additional funding and in the autumn the firm narrowly avoided collapse after securing emergency cash from an unidentified backer while it sought a viable long-term owner.
But this search was unsuccessful, with the Financial Times reporting that an offer from a band of current shareholders, selected by the board as a 鈥減referred offer鈥� on Friday, was dismissed at a board meeting yesterday.
The firm was founded less than three years ago and had received memorandums of understanding to manufacture batteries for UK car firms such as Aston Martin and Lotus, as well as the vocal support of former prime minister Boris Johnson.
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