Britishvolt said it’s mulling several options to provide “stability” after a report that the UK battery company may enter administration.
The less-than-three-year-old business is “actively working on several potential scenarios that offer the required stability,” Britishvolt said in a statement Monday.
The company, which has been trying to unlock vital funding, declined to elaborate on the options.
The Financial Times, citing undisclosed people familiar with the matter, reported that Britishvolt is preparing to enter administration, a UK form of creditor protection, as early as Monday.
Britishvolt, which gained backing from mining giant Glencore, has been at the heart of the UK’s ambition to build factories capable of providing batteries for millions of electric cars.
The government has said it will ban the sale of new fossil fuel-powered vehicles by 2030.
Britishvolt has plans to build one of the UK’s biggest cell factories as it jostles for a slice of the growing sector.
While the company has signed outline agreements with automakers including Aston Martin and Lotus, it has yet to gain firm commitments.
In August, Britishvolt postponed the start of production at its main factory site in northern England to mid-2025 from an original target of late 2023, citing rising interest rates, inflationary pressures and surging energy costs.
Bloomberg News reported this month that Britishvolt was discussing a sale of the 93-hectare (230-acre) Cambois site to Slovakian startup Inobat.