Solaris exits Canada for Switzerland with new CEO, board and spin-out plans
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
Battery startup Britishvolt Ltd. said it’s in discussions with a consortium of investors to sell a majority of the company in order to secure long-term funding.
The discussions “aim to secure legally binding terms” that will allow the company to continue building its planned battery factory in Blyth, northern England, Britishvolt said Monday in an emailed statement. The company didn’t identify investors in the consortium and said it will provide details when appropriate.
Britishvolt was touted as a key part of the UK’s drive to build an electric-car manufacturing industry before it was forced to seek short-term bridge funding late last year to stave off going into administration. While the company has signed outline agreements with Aston Martin Lagonda Holdings Ltd. and Zhejiang Geely Holding Group-owned Lotus Cars, neither of the small-volume manufacturers have made firm commitments.
Britishvolt’s investors include mining giant Glencore Plc, which was among the lenders that provided emergency funding to the company late last year. The battery hopeful also announced in January 2022 that an offer of UK government backing had unlocked a £1.7 billion in funding from asset manager abrdn Plc and logistics real estate investor Tritax Group.
(By Siddharth Philip, with assistance from Rachel Morison)
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