Industry Value Chain
Pages 21–39 (19 pages)
Text on page 37
BRITISHVOLT FAILURE TO MEET MILESTONES LACK OF INVESTMENT Founded in 2019, Britishvoltʼs gigafactory plans were doused when the company underestimated CAPEX and investor appetite. The original plan was to build a 30GWh factory in Northumberland, UK and had $2.5 billion in funding promises in hand including a £100 million commitment from the U.K. government.
Founders did not have electric vehicle experience and did not secure the £3.8 billion needed to complete the Northumberland plant when the company broke ground in 2021.
Sources: Linked above to various news articles
Failure to meet milestones and excessive spending led to funding difficulties: Construction was halted in August 2022 and the U.K. government declined to advance £30 million in funding in October 2022.
Britishvolt went into administration in January 2023 and was acquired by Australia-based Recharge Industries the following month.
In April 2024, plans to restart plant construction failed and the Northumberland site was sold to the Blackstone group, a US private equity firm, for £110 million to be redeveloped into a data centre.
Extracted from the PDF; charts and images may read imperfectly.
Page 37 · 17/19