Britishvolt is in talks with a consortium of investors over a deal to rescue the gigafactory venture.
The discussions are over the sale of a majority stake in the company for more than £150m and securing legally-binding terms that would provide it with the “long-term sustainability” and funding to build a viable battery business at Blythe in Northumberland.
The group’s plans to build a £3.8bn battery gigafactory in north-east England have been beset by delays and funding issues.
“The two parties will provide further details at the appropriate time and have nothing further to add at this stage,” Britishvolt said.
