- HM Government announced today their support for electric-vehicle battery pioneer Britishvolt. An in principle offer of funding has been made through the Automotive Transformation Fund which has enabled a long-term partnership with Trixtax and abrdn that will deliver £1.7bn in private funding. This historic investment will help propel the UK’s successful energy transition on the road to zero.
- Britishvolt is delighted to announce that its transformational plans for the company’s first full-scale Gigaplant are powering ahead, levelling up the Northeast and creating [c]3,000 high-value jobs.
- In addition to those directly employed on the Northumberland site, the project will also deliver a further [c]5,000+ indirect roles in the wider UK supply chain. The Gigaplant will build enough cells each year for over 300,000 electric vehicle battery packs, equivalent to [c]25% of current UK vehicle manufacture, securing Global Britain’s position on the sustainable battery production map.
- It very strongly supports the Prime Minister’s 10-point plan for a green industrial revolution, and to his ambition to level up the UK.
- Sales for electric vehicles continue to strengthen and domestic batteries are a vital ingredient in meeting this demand. British consumers bought more electric cars in 2021 than the previous five years combined, and the trajectory is set to only accelerate.
EV battery pioneer, Britishvolt, the UK’s foremost investor in battery cell technologies and associated R&D to develop homegrown intellectual property, is powering ahead with its historic plans for its first full-scale electric-vehicle Gigaplant in Northumberland and is delighted that the project is receiving support from the Government through its Automotive Transformation Fund, delivered by the Advanced Propulsion Centre.
At the same time BV announce that Tritax and abrdn are becoming its partner to fund the build of the project, shell and core, as well as to develop the associated supplier park. Tritax is the leading investor in UK and European logistics real estate and is joining BV in partnership with abrdn’s global real assets and investment capabilities.
The ATF is a funding programme with the aim of creating a sustainable, zero emission automotive supply chain in the UK. The fund is an important mechanism to deliver the UK
Government’s 10-point plan for a green industrial revolution and its recent Transport Decarbonisation Plan.
SOURCE: Britishvolt
