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Charged EVs | Britishvolt secures £40 million further funding for UK battery manufacturing unit

Charged EVs | Britishvolt secures £40 million further funding for UK battery manufacturing unit

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UK startup Britishvolt, which has an bold plan to construct one of many UK’s few large-scale battery factories, has secured £40 million in new funding from mining large Glencore.

Britishvolt goals to triple its funding with £200 million in a 3rd funding spherical, with Glencore serving because the anchor investor. Earlier funding rounds valued Britishvolt at over £740 million ($1 billion).

International battery provide is presently dominated by producers in China, Japan and South Korea, and European governments are eager to catch up. The UK authorities has backed the Britishvolt challenge with £100 million from its Automotive Transformation Fund.

Britishvolt has already carried out preparatory work on its website close to Blyth in Northumberland, and building is because of begin in April. Britishvolt expects the brand new manufacturing unit to achieve 30 GWh peak annual manufacturing—sufficient cells to make 300,000 batteries a 12 months—and to create some 3,000 jobs.

In the meantime, 4 separate automotive producers, together with Lotus, have signed memorandums of understanding with Britishvolt. The corporate says this represents demand for 7 GWh of battery capability.

Kasra Pezeshki, Britishvolt’s Chief Funding Officer, mentioned: “We’re excited by the variety of potential progress and funding alternatives accessible to the enterprise. Our interactions with the capital markets and prospects present that demand for low-carbon, responsibly manufactured batteries is quickly rising day-to-day.”

Supply: The Guardian



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