Britishvolt battery gigafactory in Blyth gets funding boost from UK govt
Electric vehicle (EV) battery startup Britishvolt has secured a funding commitment from the UK government for its proposed £3.8 billion battery gigafactory in Blyth, Northumberland.
The British government will provide the funding via the Automotive Transformation Fund (ATF).
The battery gigafactory is likely to start production of lithium-ion batteries by 2023-end.
Upon completion, the Blyth battery gigafactory in the North East of England will produce enough batteries for more than 300,000 EVs each year. This will considerably support the transition of the UK automotive industry to a zero emissions future and greater production of EVs, said the UK Department for Business, Energy & Industrial Strategy.
The British government said that its support for the Britishvolt battery gigafactory will help to open up a considerable amount of additional backing from private investors. Along with private sector investment, the EV battery manufacturing project could generate 3,000 direct highly-skilled roles and another 5,000 indirect jobs in the larger supply chain.
UK Prime Minister Boris Johnson said: “Britishvolt’s plan to build a new gigafactory in Northumberland is a strong testament to the skilled workers of the North East and the UK’s place at the helm of the global green industrial revolution.
“Backed by government and private sector investment, this new battery factory will boost the production of electric vehicles in the UK, whilst levelling up opportunity and bringing thousands of new highly-skilled jobs to communities in our industrial heartlands.”
Britishvolt announced that logistics real estate fund manager Tritax and investment company abrdn will partner it to finance the build of the battery project, shell and core, and to develop the associated supplier park as well. The long-term partnership with Trixtax and abrdn will provide £1.7bn in private funding, said the EV battery startup.
Peter Rolton — Britishvolt Executive Chairman said: “This announcement is a major step in putting the UK at the forefront of the global energy transition, unlocking huge private sector investment that will develop the technology and skills required for Britain to play its part in the next industrial revolution.
“The news is the first step in creating a commercialised battery ecosystem, that perfectly aligns with the existing R&D ecosystem. Britishvolt will be the anchor for attracting further sections of the supply chain, be it refining or recycling, to co-locate on the Britishvolt site.
“This not only shortens supply chains but also allows for partners to access the abundance of renewable energy on site to truly power low carbon, sustainable battery production.”