The startup has appointed Guggenheim Capital LLC and Barclays Plc to explore merger options, including a SPAC.
A wave of electric vehicle-related startups around the world have gone public over the past year, typically involving a reverse merger with a SPAC. The top performer among them last year was battery startup QuantumScape Corp.
SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering.
A U.S. Securities and Exchange Commission official warned on Wednesday of the risks associated with such blank-cheque companies.
Britishvolt said it has also appointed Barclays to advise on its next two rounds of fundraising and aims to raise up to 350 million pounds by the end of this summer.