British battery manufacturer, Britishvolt has filed for administration due to insufficient equity investment for ongoing R&D of its sites, with the majority of its 232 staff members made redundant with immediate effect. The company has appointed Ernst & Young's restructuring arm, EY-Parthenon, as administrators.

After receiving short-term funding in November 2022 , the company has reportedly been in talks with potential buyers including DeLab Group , a UK-based investment group led by an Indonesian banker, which was later rejected by Britishvolt's creditors. 

Analyst QuickTake: Britishvolt initially planned to build a plant in Blyth and had managed to raise only approximately USD 250 million by the summer of 2022—including USD 54 million from Glencore —causing a deferral of the production timeline. The company’s inability to meet private funding milestones has caused it to lose a grant of USD 120 million from the UK government. The collapse of Britishvolt is considered to be a significant blow to the UK’s hope of a homegrown, EV battery industry.