By Michael Elkins
Britishvolt, an EV battery startup located in the U.K., announced Monday that the company has entered talks with investors about selling a majority stake in the company. However, the company chose not to disclose any names.
Management said back in November that Britishvolt had received some short-term financial backing to help the company stay afloat. They said the latest discussions were aimed at providing the "long-term sustainability and funding necessary to enable it to pursue" developing and manufacturing batteries in Britain.
"The two parties will provide further details at the appropriate time and have nothing further to add at this stage," Britishvolt said.
While Britishvolt is small, the site that it owns at Blyth is considered by industry experts to be Britain's best "shovel-ready" location for a battery factory, with plenty of renewable power available.
The plant already has planning permission and local political support, meaning that an investor with enough financial backing could build a factory relatively quickly.