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Britishvolt's Gigaplant Flatlines

The company is preparing to pull the plug.

Back in August 2022, Britishvolt's EV battery "gigaplant" project in Northeast England was on life support

Well, now it looks like the company is preparing to pull the plug. 

The ambitious project aimed to supply 30 gigawatt-hours of batteries to give the nation's auto industry a jolt. 

But yesterday, the battery startup filed documents to appoint bankruptcy administrators. 

Britishvolt found a lifeline in November via some short-term funding, but the IV bag is empty, and potential buyers have balked, leaving the factory flatlined. 

On Tuesday, the company discharged most employees, deeming them redundant, according to Reuters

Unfortunately, it looks like this once ambitious $4.64 billion plant won't be the rebirth of big England auto. 

Instead, it will be sold for parts. 

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