- The startup has appointed Guggenheim Capital LLC and Barclays Plc to explore merger options, including a SPAC
- Britishvolt said in December it will build a plant in the port of Blyth, northern England, in three stages that will employ up to 3,000 people
As per a report by Reuters, Britishvolt said that it is considering going public, possibly through a merger with a special purpose acquisition company (SPAC). It continues fundraising for a 2.6 billion pound ($3.59 billion) plant in England.The startup has appointed Guggenheim Capital LLC and Barclays Plc to explore merger options, including a SPAC.
Barclays to advise on its next two rounds of fundraising
The report added that a SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. The report said that Britishvolt said it has also appointed Barclays to advise on its next two rounds of fundraising and aims to raise up to 350 million pounds by the end of this summer.
The report added that Britishvolt said in December it will build a plant in the port of Blyth, northern England, in three stages that will employ up to 3,000 people and produce at least 300,000 lithium-ion batteries a year by 2027. It has applied for backing from a £1 billion British government fund set up to support the mass production of batteries.
