It is one of the biggest industrial inward investment projects seen in the UK with a battery cell gigafactory for electric vehicles creating 3,000 direct jobs in Northumberland.
Despite initial scepticism about the start-up firm’s ability to raise the finance, Britishvolt has confirmed it has secured £1.7bn in backing, including £100m from the UK Government’s Automotive Transformation Fund.
Private backers include real estate investor Tritax and investment group abrdn, with the under construction factory near Blyth scheduled to open in 2023. It has also secured backing from commodities giant Glencore, which will provide the factory with a key ingredient for electric vehicle batteries, cobalt.
