Britishvolt, an electric car battery company once praised by former Prime Minister Boris Johnson, has fallen into administration and made the majority of its 300 staff redundant.
The company had been promising to build a £3.8 billion gigafactory producing batteries for electric cars in Blyth, Northumberland.
But the project ran into serious difficulties months ago as it started to run out of cash before it had even cleared the site in preparation for construction.
The company has now appointed administrators at EY-Parthenon after failing to raise enough cash for its research and the development of its Cambois site.
“The company has entered into administration due to insufficient equity investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England,” EY-Parthenon said in a statement on Tuesday….