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<p>As part of our efforts to see British companies succeed in the industry, the Government
offered significant support to Britishvolt through the Automotive Transformation Fund
(ATF). Full due diligence was completed before a final grant offer letter was awarded.</p><p>Funding
was designed so that agreed milestones had to be achieved for the company to drawdown
any funds. These milestones were not met and therefore no ATF funds were paid to
Britishvolt.</p><p>The Government want to ensure the UK remains one of the best locations
in the world for automotive manufacturing as we transition to electric vehicles. That
includes investing record sums in battery R&D – such as the recent announcement
of £211 million into the Faraday Battery Challenge, which will help deliver 100,000
jobs in battery gigafactories and the battery supply chain by 2040.</p>
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