UK battery start-up Britishvolt is readying to file for administration after it failed to raise emergency funds for its £3.8 billion ($4.37 billion) gigafactory project in Northumberland, according to the Financial Times.

Citing three unnamed sources with knowledge of the matter, the paper says the company could enter administration as early as Monday. Britishvolt was trying to raise £200 million or to sell the company outright and had been in advanced talks with several potential buyers including Tata Motors, the report adds. The firm is said to have around one month’s worth of cash left.

When asked by Kallanish on Monday for confirmation, Britishvolt spokesperson Ben Kilbey said the firm is “aware of market speculation”. He added: “We are actively working on several potential scenarios that offer the required stability.”

Delays in the gigafactory development timeframe and the resignation in August of Britishvolt founder and chief executive, Orral Nadjari, have fuelled rumours that the company is not in the right shape to deliver the UK’s first battery cell gigafactory after all.

The UK’s Department for Business, Energy & Industrial Strategy (BEIS) did not immediately reply to request for comment.

Later on Monday, the BBC reported the company managed “to avert collapse by securing additional funding for the business.” Citing unnamed sources with understanding of the matter, the report said the cash didn’t come from the government’s £100m grant funding. It notes the government rejected Britishvolt’s request to draw down nearly a third of that funding early. The grant is subject to the company reaching certain construction milestones.