Shock therapy: turmoil engulfs Britishvolt’s £3.8bn battery factory

theguardian.com:

Champagne flowed freely as Orral Nadjari courted bankers and potential business partners in a private box, against a soundtrack of V12 supercar engines, at the Goodwood festival of Speed.

Nadjari had hit the big time: his Britishvolt battery startup was gatecrashing the annual petrolheads’ gathering at the historic West Sussex circuit in June with plans to power cars of the future using British-made batteries.

Britishvolt’s pricey sponsorship of the “Electric Avenue” battery car showcase at the festival was not the only instance of the fledgling company’s extravagant approach, according to insiders.

The Guardian understands it leased a seven-bedroom £2.8m mansion with an indoor swimming pool and Jacuzzi for executives, and hired a Dubai-based fitness instructor to conduct yoga classes for staff over video. Britishvolt executives even travelled in a private jet owned by one of its billionaire shareholders for work purposes – although Britishvolt says no company money was used to fund the journeys.

Nadjari’s moment in the spotlight did not last. In late Julythe 40-year-old was removed as a director. The company was in serious financial trouble, and the Guardian revealed in August it had put building work for its factory on “life support” to conserve cash.

The turmoil has cast doubt on the future of a three-year-old company hailed by former prime minister Boris Johnson as a cornerstone of his “global green industrial revolution”.

This article, the first in a series exploring the UK’s efforts to save its car industry by building an automotive battery industry, will examine whether Britishvolt’s growing pains could prove terminal for one of the UK’s flagship green technology projects.

Britishvolt has never been short on ambition.