If Volkswagen thinks the battery biz in Europe is going to be tough,* it has to be twice as challenging for a start-up.
From Sifted, November 16:
After narrowly avoiding administration earlier this month, creditors are looking to protect themselves should the company fail to keep afloat
Embattled gigafactory startup Britishvolt — which is building what is set to be the UK’s largest battery manufacturing facility — is facing fresh woes as its only secured creditor has appointed receivers over part of its assets, the company confirmed to Sifted.
It’s a sign that the creditor, investment group Katch Fund Solutions, is looking to secure its position should Britishvolt fail to raise enough funding to avoid administration.
Katch Fund Solutions appointed receivers — brought in to protect a creditors’ position — to the assets of Power by Britishvolt Properties, a subsidiary of Britishvolt, on November 3. Katch has a minority debt interest in the gigafactory site owned by Britishvolt....
