Britishvolt: Executive chairman Peter Rolton maintains support for developing the site near Blyth, despite financial trouble

The firm, which aims to create roughly three thousand jobs by building an electric car battery factory on the site, had been at risk of entering administration this week.

But this was avoided when 300 staff accepted a pay cut for November and investment was found to keep the operation afloat for five weeks.

In a BBC interview, executive chairman Peter Rolton said: “I do not want to sell this site, I want to develop this site.

“This is a British company with homegrown IP and a fabulous team of factory scientists and chemists that we have developed.

“There are three different lines of batteries that we are going to be producing, all of which are in development at the moment. We have actual physical batteries now out with our customers being evaluated.

“I don't want to sell this site and I don't want to give this company away. What I really want to do is build it and develop it and make it the success it should be for the UK.”

The short term investment to maintain operations was provided by commodities company Glencore, an existing investor in the £3.8billion gigafactory.

Britishvolt had appealed to the government for £30million of the £100million pledged funding to be delivered earlier than planned in order to help stabilise the firm’s financial situation.

This request was refused by the government.

The firm has previously been described as “exactly what levelling up looks like” when the then-Business Secretary Kwasi Kwarteng promised the funding in January.

Ian Levy, Conservative MP for Blyth Valley, said: “I have been proud to support Britishvolt since they first told me of their plans to build a gigafactory on the Blyth estuary.

"My support continues and I am working closely with the Britishvolt team and my colleagues in government and Northumberland County Council.

"This site remains the best in the country to host such a facility and I will do everything in my power to bring these much-needed jobs to the area."