A battery startup at the center of U.K. efforts to develop an electric-vehicle industry is lowering its targeted valuation by about a fifth and its founder is stepping down, according to people familiar with the matter.
Backed by mining giant Glencore Power by Britishvolt Ltd., commonly known as Britishvolt, is seeking to raise £200 million, about equivalent to $237 million, in a deal that would value the company at up to £1.5 billion, the people said. That would exceed its valuation of around £800 million achieved last year from a previous fundraising, but falls short of the initial £1.9 billion target, the people said.
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