UK battery start-up Britishvolt refuted on Tuesday “incorrect” claims that its Northumberland gigafactory launch has been delayed by three years to mid-2025, Kallanish reports.

Earlier this week, founder and former ceo Orral Nadjari told the Financial Times the £3.8 billion ($4.44 billion) facility in northeast England will be delayed due to inflation, recession and geopolitical uncertainties.

Britishvolt isn’t contesting the adjusted timeframe for first production as mid-2025. It is, however, saying the delay is of six months from an earlier change or 18 months from the original end-2023 estimate. Timing of Phase 1 production was “adjusted and documented” to end of 2024, before the now expected mid-decade timeframe, the company argues.

Spokesperson Ben Kilbey explains the latest rescheduling is due to difficult external economic headwinds.

“On top of current inflationary pressures, and an increase in interest rates, we are also seeing ballooning energy costs on the back of geopolitical uncertainties,” he adds, noting the plans reflect a “responsible, agile and nimble” way to counter external market forces.

Construction works at the gigafactory had been reportedly halted due to lack of funding. Britishvolt says it’s progressing its enabling works at the site “ahead of schedule,” but some strands of work have been rescheduled to optimise the build process for each of the project’s four phases.

“Flexing the plan in this way enables Britishvolt to better source materials given current supply constraints due to the global economic situation and to enhance its costs efficiencies,” it says.

The start-up insists its plans to get sample cells into customers’ hands “in the next few weeks” remain on track. It’s also continuing plans for the Hams Hall facility in the Midlands, which will be a “mini replica” of the larger scale, 38-gigawatt-hours gigafactory in Northumberland.

To date, it has raised £200 million. Newly appointed ceo Graham Hoare is expected to lead the company towards a possible public listing.