The future of Britishvolt, the ambitious plan to build a £3.8 billion electric battery “gigafactory” on the coast of Northumberland, is at a crossroads after a botched management succession plan left it without a permanent chief executive.
The company, which has talked of producing batteries to power hundreds of thousands of electric vehicles a year and of creating 3,000 directly employed jobs, has been rocked by the resignation of Orral Nadjari, its chief executive and co-founder.
A recipient of £100 million of UK taxpayer support, Britishvolt also has signalled to potential new investors that it will slash valuations to attract their support, after leaked internal memos indicated that construction of the plant near Blyth was stalling and that the business’s finances had been put on
