Britishvolt lands Tritax, abrdn funding to advance Gigafactory build

Image of Britishvolt's Gigafactory project in Blyth. Source: Britishvolt.

January 21 (Renewables Now) - Britishvolt Ltd on Friday announced that it has clinched support from the UK government, which will unlock GBP 1.7 billion (USD 2.3bn/EUR 2.04bn) in funding from real estate fund manager Tritax Group and investment giant abrdn Plc (LON:ABDN) to progress construction of its lithium-ion battery Gigafactory in Blyth, Northumberland.

The electric vehicle (EV) battery maker secured an in-principle offer of funding from the British government through its Automotive Transformation Fund, to be delivered by the Advanced Propulsion Centre, a non-profit hub for boosting UK research and development. Domestic media reported that the grant would add GBP 100 million to Britishvolt's project.

"Tritax and abrdn are delighted to have been chosen to partner with Britishvolt to fund and deliver this at Blyth. The GBP-3.8-billion scheme will create a sustainable and green powered ecosystem for UK battery and EV manufacturing," Tritax Group CEO James Dunlop said.

The battery cell maker and its construction partner, UK engineering group ISG, have been developing the 93-hectare site since September 2021. The first phase of the Gigaplant is set to begin operations in the fourth quarter of 2023 or in early 2024.

The facility will target total production capacity of over 30 GWh by the end of the decade. That will be enough battery cells to power more than 300,000 EV battery packs per year.

Britishvolt has said it will use renewable electricity for the manufacturing process.

(GBP 1 = USD 1.362/EUR 1.201)

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