London, UK, 02/11/2022:
Given the recent speculation concerning the future of Britishvolt, we want to make our situation clear for all our stakeholders.
We have previously spoken about the need to evolve our business strategy in response to challenging external factors and continue to explore both short- and long-term funding streams that will enable us to deliver on our plans to build a thriving localised, sustainable battery ecosystem based on next-generation cell technology.
While the weakening economic situation is negatively impacting much business investment at present, at Britishvolt we are continuing to pursue positive ongoing discussions with potential investors. In addition, we have also received promising approaches from several more international investors in the past few days.
The result is we have now secured the necessary near-term investment that we believe enables us to bridge over the coming weeks to a more secure funding position for the future. To further reduce our near-term costs, our dedicated employee team has also voluntarily agreed to a temporary salary reduction for the month of November.
We want to thank our employees, suppliers & investors, for their continuing belief in Britishvolt. It is important that Britishvolt is a success not only for the close to 300 employees currently working for the company, but also for the many thousands of jobs we intend to create in the UK as we progress our plans. The “Britishvolt Effect” is also of huge strategic importance to UK plc. and the country’s standing on the global battery stage.
Notes to Editors
For more information please contact:
Ben Kilbey, Britishvolt’s Chief Communications Officer:
[email protected] +44 7305 032904
Battery pioneer and technology innovator, Britishvolt, is focused on development of next-generation battery cell technologies and associated research and development. It is dedicated to developing the future of electrified transportation and sustainable energy storage, producing best-in-class, low-carbon, sustainable, responsibly manufactured lithium-ion battery solutions. Not all batteries are created equal.
Her Majesty’s UK Government announced on January 21, 2022, its support for Britishvolt from its Automotive Transformation Fund delivered by the Advanced Propulsion Centre.
Britishvolt believes that low carbon, sustainable, responsibly manufactured battery cells can help positively change the planet. The time has come to transition from fossil fuels to clean, renewable, low carbon electricity. The world deserves a clean air future for all.
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectation intended to qualify for the ‘safe harbor’ under the U.S. Private Securities Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, competition including those factors which may affect our cost advantage, equipment procurement, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time contracts or time and material construction contracts, customer concentration, restrictions on immigration, industry segment concentration, our ability to manage international operations, reduced demand, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages related to battery service agreements, the success of the companies in which Britishvolt has made strategic partnerships, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies and unauthorised use of our intellectual property and general economic conditions affecting our industry. In addition, please note any forward-looking statements contained herein are based on assumptions we believe to be reasonable as of the date of this press release.