Britishvolt CEO Gives 100 Million Reasons to Work at His Company
(Bloomberg) -- Britishvolt founder Orral Nadjari could have pocketed a windfall when he slashed his stake in the company building the U.K.’s first giant battery factory. Instead, his employees benefited.
The former investment banker gave some of his equity to Britishvolt’s workers to incentivize them as the firm explores becoming a listed business, according to a spokesman, who said the company has 100 or so employees.
The shares were worth about 73.9 million pounds ($100 million) at the time of the transfer, according to data compiled by Bloomberg. Nadjari, who is also chief executive officer, cut his stake by almost 6 million shares -- roughly 20% of his previous holding -- between March and April, the data show. He remains one of Britishvolt’s biggest owners with a personal stake worth more than $300 million, based on the company’s latest registry filings.
Nadjari, 39, said last month that Britishvolt is considering listing on the London Stock Exchange to help finance the company’s 2.6 billion-pound project to produce batteries for electric vehicles. The Blyth, England-based firm said this week that Glencore Plc had acquired a stake without disclosing the size of the investment or the financial terms.
“This is a huge step in the right direction,” Nadjari said in a statement on Glencore’s decision.
It’s not unusual for employees to receive equity in startups, though few founders have cut their stakes as quickly or substantially as Nadjari, a native Turkmen who was raised in Sweden.
Founded in 2019, Britishvolt considered going public in New York through a merger with a special purpose acquisition company. It now favors London after stock-market listing rules were overhauled to bolster the city’s status as a financial hub following Brexit.
“Britishvolt belongs on the London Stock Exchange,” Nadjari told Bloomberg last month.
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