A host of senior managers have left embattled gigafactory startup Britishvolt in the past six weeks as it struggles to raise money to ensure its survival. The startup is building what would be the UK's largest EV battery factory.
Leavers in December and January have included the head of procurement, the head of project manufacturing, the head of cell design and engineering, the head of production, the head of insurance and the human resources director.
Britishvolt has lost 25 staff members since November, according to data from LinkedIn. That’s nearly 10% of its workforce.
A spokesperson for Britishvolt confirmed the departures.
The rescue deal
Britishvolt has been mired in financial difficulties for the last few months, reportedly narrowly avoiding sliding into administration towards the end of 2022. It secured five weeks of emergency funding in December, which it said would allow it to keep going for the next few months.
The startup is reportedly working on a rescue deal with a little-known Indonesian investor. According to the Financial Times, the proposed £158m rescue package would keep the company solvent for a year and value it at £32m — a fraction of the £774m valuation it held this time last year.
The senior staff departures come after questions were raised about the level of battery experience within Britishvolt, particularly within the company's early days.
Many comparisons have been made with Northvolt, where the founder came from a battery procurement role at Tesla. Orral Nadjari, the founder of Britishvolt, worked as a corporate bond seller at Jool Capital Partners. Nadjari stood down as CEO in August.
The startup has made a series of management changes in recent months, bringing in more staff with direct battery experience.