Britishvolt secures £40 million additional investment for UK battery factory

UK startup Britishvolt, which has an ambitious plan to build one of the UK’s few large-scale battery factories, has secured £40 million in new investment from mining giant Glencore.

Britishvolt aims to triple its funding with £200 million in a third funding round, with Glencore serving as the anchor investor. Earlier funding rounds valued Britishvolt at over £740 million ($1 billion).

Global battery supply is currently dominated by manufacturers in China, Japan and South Korea, and European governments are keen to catch up. The UK government has backed the Britishvolt project with £100 million from its Automotive Transformation Fund.

Britishvolt has already carried out preparatory work on its site near Blyth in Northumberland, and construction is due to start in April. Britishvolt expects the new factory to reach 30 GWh peak annual production—enough cells to make 300,000 batteries a year—and to create some 3,000 jobs.

Meanwhile, four separate automotive manufacturers, including Lotus, have signed memorandums of understanding with Britishvolt. The company says this represents demand for 7 GWh of battery capacity.

Kasra Pezeshki, Britishvolt’s Chief Investment Officer, said: “We are excited by the number of potential growth and investment opportunities available to the business. Our interactions with the capital markets and customers show that demand for low-carbon, responsibly manufactured batteries is rapidly growing day by day.”

Source: The Guardian