Electric vehicle battery firm Britishvolt is planning to raise another £200m as it works towards the opening of a gigafactory in Northumberland.
The company will work with BofA Securities (part of Bank of America), Citi and Peel Hunt on its Series C fundraise, with exiting investor and partner Glencore pledging another £40m towards the project.
Britishvolt says it has signed agreements with four automotive manufacturers for batteries in 2024 and 2025, when its planned site at Cambois, near Blyth, starts full operations.
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Having previously announced funding from the Government of “tens of millions” and £1.7bn backing from finance groups Tritax and abrdn, Britishvolt said the funds raised in this latest round would further develop the Northumberland site and expand its research and development facilities.
It is also in talks with the Canadian Government over plans to set up there.
Kasra Pezeshki, Britishvolt chief investment officer: “Following on from the hugely positive news of Government backing for our first full-scale Gigaplant, and having secured £1.7bn of private capital for construction of the shell and core, Britishvolt will now open its Series C fundraise.
“We are increasingly excited by the number of potential growth and investment opportunities available to the business. Our interactions with the capital markets, and customers, show that demand for low-carbon, responsibly-manufactured batteries is rapidly growing day by day.”
Britishvolt announced last August that it had received an investment from global commodities firm Glencore. The company will also supply Britishvolt with cobalt, a key material in the battery-making process, while the two companies are also working on a recycling plant for batteries.
Construction work on the former coal yards at the old Blyth Power Station is due to start in the next few weeks.
The Britishvolt plant is due to open in 2024, with hopes that it will create 3,000 direct jobs and another 5,000 in its supply chain.
