2 minute read
Britishvolt secures government funding for gigafactory
Britishvolt is powering ahead with plans for its first full-scale electric vehicle gigafactory in Northumberland after the project received an in principle offer of government funding through the Automotive Transformation Fund (ATF).
The UK battery company also confirmed a long-term partnership with Tritax and abrdn that will deliver £1.7bn in private funding to support the build of the project, shell and core, as well as to develop the associated supplier park.
Once complete, the factory will produce enough batteries for over 300,000 electric vehicles each year, significantly supporting the UK automotive industry’s transition to a zero emissions future and increased production of electric vehicles. The project is also expected to create around 3,000 direct highly-skilled jobs and another 5,000 indirect jobs in the wider supply chain.
Britishvolt said it will make a series of follow up announcements including customer MoUs and R&D collaborations, relationships with blue chip UK automotive sports car brands and technology releases in due course.
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.
“It will also allow us to catapult our unique tailormade business proposition on a global scale, with sites already selected for development in other countries. I’m especially proud that this is such a major boost for Northumberland – the county of my birth – bringing around 3,000 direct highly-skilled jobs and another 5,000+ indirect wider supply chain roles into the region. This is a truly historic day and marks the start of a truly exciting move towards a low carbon future. One with Britishvolt batteries at the very centre of that strategy.”
Prime Minister, Boris Johnson, added: “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.”