Britishvolt, the UK-based battery manufacturer, has secured £100m in funding to construct the country’s first gigafactory. The funding was provided by a consortium of investors, including the UK government, and will be used to build the factory in Blyth, Northumberland.
The gigafactory will produce lithium-ion batteries for electric vehicles and will have a capacity of 30 GWh per year. This will make it one of the largest battery factories in Europe and will help to meet the growing demand for electric vehicles in the UK.
The construction of the gigafactory is expected to create around 3,000 jobs in the region, with a further 5,000 jobs created in the supply chain. This will provide a significant boost to the local economy and will help to support the UK’s transition to a low-carbon economy.
The UK government has been keen to support the development of a domestic battery industry, as part of its efforts to reduce carbon emissions and meet its climate targets. The funding for the gigafactory is part of a wider £500m investment in the UK’s electric vehicle industry, which includes funding for the development of charging infrastructure and research into battery technology.
The construction of the gigafactory is expected to begin in the summer of 2021, with production starting in 2023. The factory will initially produce batteries for the automotive industry, but there are plans to expand into other sectors, such as energy storage.
The CEO of Britishvolt, Orral Nadjari, said: “This is a landmark moment for Britishvolt and a pivotal moment for the UK’s automotive industry. The construction of the gigafactory will put the UK at the forefront of the global transition to electric vehicles and will help to create thousands of jobs in the region.”
The UK’s automotive industry has been hit hard by the Covid-19 pandemic, with production levels falling to their lowest levels since the 1950s. The construction of the gigafactory is seen as a key part of the industry’s recovery and will help to secure the UK’s position as a leader in the development of electric vehicles.
In conclusion, the funding secured by Britishvolt for the construction of the UK’s first gigafactory is a significant milestone in the country’s transition to a low-carbon economy. The factory will create thousands of jobs and will help to meet the growing demand for electric vehicles in the UK. It is a clear signal of the UK’s commitment to reducing carbon emissions and meeting its climate targets.
