Hot on the heels of its Series C funding round of £40 million from mining giant Glencore, electric vehicle (EV) battery startup Britishvolt has received £100 million from the British government for an EV battery manufacturing plant in Northumberland.
The multi-million pound funding is part of the government’s Automotive Transformation Fund (ATF). The £3.8 billion 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.
Isobel Sheldon, chief strategy officer at Britishvolt said: “While the overwhelming majority of investment for the project will come from private sources, the ATF’s grant funding is very important in proving that the U.K. government is confident that we will deliver on our plans, and this will help to generate further private investment.”
According to Sheldon, the investment would directly create more than 3,000 jobs and play a key role in helping the U.K. reach its net zero target by 2050.
UK business secretary Kwasi Kwarteng added: “We have now provided Britishvolt with a final grant offer through the Automotive Transformation Fund. The Blyth gigafactory will turbocharge our plans to embed a globally competitive electric vehicle supply chain in the U.K. and it is fantastic to see how the project is progressing.”
The first batteries ready for use would roll off the production line in 2024.