Lights Going Out at Britishvolt?

Britishvolt is a UK startup company aiming to construct a £3.8 bn 'gigafactory' (simply a large manufacture site but 'gigafactory' sounds more imposing) in Blyth, Northumberland. This development was seen as a flagship project for the UK automotive industry. Britishvolt intended to make the batteries needed to aid the transition to electric vehicles. The startup is now bust and considering going into administration (https://www.theguardian.com/business/2022/oct/31/uk-battery-firm-britishvolt-administration-gigafactory). The Blyth gigafactory was intended to create 300 well-paid jobs in that area. It was consequently enthusiatically supported by the then Prime Minister, one 'Boris' Johnson. He claimed this was evidence of the success of his 'leveling up' initiative (to spread economic activity to relatively depressed parts of England). In January 2022, the company were promised a £100m boost by the then Chancellor (Rishi somebody). Britishvolt have not, however, received this money, as there are concerns about what it could be spent on. The startup have found it difficult to attract investments for building, tooling and operating their gigafactory. The touble is, they don't earn a penny until the first batteries are sold. This appears unlikely to happen (if at all) before 2025. This seems like yet another expensive 'white elephant'. Was it always simply a Public Relations exercise?