Britishvolt: Insolvency

Department for Business and Trade written question – answered am ar 24 Chwefror 2023.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Bill Esterson Bill Esterson Shadow Minister (Business and Industrial Strategy)

To ask the Secretary of State for Business and Trade, pursuant to the Answer of 15 February 2023 to Question 140089 on BritishVolt: Insolvency, what agreed milestones had to be achieved for the company to draw down on any Automotive Transformation Fund funding.

Photo of Bill Esterson Bill Esterson Shadow Minister (Business and Industrial Strategy)

To ask the Secretary of State for Business and Trade, pursuant to the Answer of 15 February to Question 140089 on BritishVolt: Insolvency, what steps she is taking to help companies meet the milestones required for them to receive Automotive Transformation Fund funding.

Photo of Nusrat Ghani Nusrat Ghani Minister of State (Department for Business and Trade) (jointly with the Cabinet Office)

The Government remains committed to developing a globally competitive EV supply chain in the UK, including unlocking private investment in gigafactories.

All Automotive Transformation Fund applications are subject to a process of due diligence to test key assumptions such as those which underpin the value for money analysis, viability, compliance with subsidy control and wider legal requirements.

This is vital to ensure that awards are robust and protect taxpayers’ interests.

There are significant commercial sensitivities related to funding arrangements for potential future grant awards, so it would not be appropriate to go further into the details of this matter.

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