The company planning to build Britain’s first “gigafactory” aims to join the migration of UK companies seeking rich valuations on the US stock market. Britishvolt wants to open a £2.6 billion factory in Blyth, Northumberland, that will make enough electric battery cells a year to fuel 300,000 zero-emission cars. The business got off to a bad start when it had to remove Lars Carlstrom, its founding chairman, after it was discovered that he was a convicted tax fraudster in his native Sweden. Britishvolt said that it was aiming to raise £350 million from institutional investors this spring and summer before potentially heading for a “blank-cheque” transaction in the United States. Such shell vehicles, also known as special purpose acquisition companies, or Spacs, are in vogue in a febrile stock market that is producing lofty valuations for start-up automotive technology businesses that have yet to make a penny.
Times 2nd April 2021 read more »