Power by Britishvolt Ltd – administration

Power by Britishvolt Ltd, a startup manufacturer of lithium-ion batteries for the automotive industry which promised to build a £3.8billion gigafactory in the north-east of England, entered administration on 17 January. Joint Administrators Dan Hurd, Joanne Robinson and Alan Hudson of EY said that the administration was due to insufficient equity investments for both the ongoing research and the development of its sites in the Midlands and the north-east of England. Katch Fund Solutions and Hsbc UK Bank PLC each has a registered charge against the company.