Britishvolt: Electric car battery plant’s funding confirmed
A firm planning mass production of electric car batteries in the UK has had government funding approved for its proposed factory – six months after the plan was first backed.
Britishvolt will build the plant in Northumberland, creating 3,000 jobs. Whitehall has committed about £100m through the Automotive Transformation Fund. Britishvolt has announced it had received confirmation from the government that the funding is ready.
The £3.8bn plant – which is being built in Cambois on the site of the former Blyth Power Station – will also receive backing from investors Tritax and Abrdn, which should unlock about £1.7bn in private money.
Business secretary Kwasi Kwarteng also confirmed Britishvolt had been provided with a final grant offer.
Isobel Sheldon, chief strategy officer for Britishvolt, said the funding was “important in proving that the UK government is confident we will deliver on our plans”. She said the investment would directly create more than 3,000 jobs as well as play a key role in helping the UK reach its net zero target by 2050.
At full production, enough battery cells will be produced for more than 300,000 electric vehicle battery packs per year, Britishvolt said.
Executive chairman Peter Rolton previously said he would like all of the new jobs at the plant to go to people living in the area and the company was setting up a training centre in nearby Ashington.
The first batteries ready for use would roll off the production line in 2024, he added.
Success is not given, it is earned. Congratulations to the entire team at Britishvolt on your funding. I wish you all the best in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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