The company had been planning to construct a £3.8bn lithium-ion battery cell 'gigaplant' in Blyth, Northumberland.
The company is making most of its 232 staff redundant with immediate effect, according to BBC News.
The news represents a major blow to UK plans to support the migration to electric vehicles through domestic EV battery production.
In July 2022 the UK government had announced it was providing financial backing for the project through the Automotive Transformation Fund. Britishvolt said at the time that it had total investment of around £3.8bn, making it the largest industrial investment in North East England since Nissan’s arrival in 1984.
Britishvolt had stated that it was developing next-gen, large format, 4690 format battery cells – lithium-ion advanced technology battery cell formats specifically designed for high-performance EVs.
It promised that, at full production, enough battery cells would be produced for more than 300,000 lithium-ion batteries a year. It had been hoped that the facility would employ over 3,000 people directly in skilled jobs, with another 5,000 in the wider supply chains.
The company last issued a statement in November after speculation had mounted about its financial position and future. It said that, while the weakening economic situation was negatively impacting much business investment, Britishvolt was continuing to pursue "positive ongoing discussions with potential investors". It added that it had also received promising approaches from several more international investors.
