Britishvolt, the startup planning to establish the UK's first ‘gigafactory’ to produce atteries for EVs, is reportedly poised to select London over New York for an IPO next year.
According to reliable reports, Britain's foremost investor in battery technologies has made this decision after being empowered by the chancellor's planned improvements to stock market listing regulations.
Britishvolt intends to invest up to £4 billion on a large-scale battery facility near the North Sea in Northumberland, England, to service the EV and energy storage markets.
While the startup has yet to find buyers for its prototype batteries, company chairman Peter Rolton claimed the company was getting closer to a stock market debut, with London being the most likely destination.
Rolton also added that Britishvolt, bring a British firm, is more inclined towards the London Stock Exchange for its float.
Britishvolt was generally expected to go public in the United States with the help of a merger with SPAC (special purpose acquisition company), a cash-rich firm eager to invest in a promising venture.
Rolton stated that Britishvolt, which is advised by British multinational universal bank, Barclays, cannot rule out anything, considering that numerous US SPACs are supposedly interested in bringing the company to market.
However, Rolton added that planned revisions to UK stock market listing regulations, as a result of two reviews ordered by chancellor Rishi Sunak, had pushed London ahead of New York as the most likely location for the company's IPO.
The Treasury wants to encourage more technology companies to list in London by changing City regulations to make fundraising more effective and speedier, as well as elevating retail investor involvement. The United Kingdom is also considering changes recommended by Lord Hill in a study that would allow enterprise founders to maintain more control.
Orral Nadjari, Britishvolt's CEO and founder, claimed in June that the company will decide where to list within three months, implying that a final decision might be made soon.