This £40m investment comes as part of Britishvolt’s third funding round, and will serve as the anchor investment as they proccur the final £160m. This is not the first time Glencore has supported this company, with millions of pounds already invested during their first 2 funding rounds.
The UK Government has set targets to become net-zero by 2050, and this factory is set to provide an excellent foundation for this to be achieved. The factory will not only allow the UK a local opportunity to mass produce batteries for their EVs, but will also reduce the dependency we have on eastern nations, such as China, Japan and South Korea.
With this is mind, the UK Government has already provided grant funding of £100m, as well as providing Britishvolt a government funded Battery Industrialisation Centre in Coventry.
Construction is set to begin in April, and marks a dramatic push for eco-friendly vehicles to become a key base within the UK economy. Britishvolt’s business design is already under review from Canadian businesses, and projects in Coventry, Somerset and Sunderland are hoping that this factory will draw increasing numbers of investors their way.