Britishvolt has secured government funding support for its planned gigafactory in Cambois, Northumberland. The BBC reports that the company will receive about £100 million in funding from the Automotive Transformation Fund, as well as another approximately £1.7 billion in private investment from Tritax and Abrdn.
With sales of new diesel and petrol cars due to end by 2030, the automotive industry will need to shift production to alternative vehicles, such as battery electric vehicles (BEVs). Having batteries for BEVs made within the UK is thought to be highly preferable because they are large and bulky. More importantly, under the UK’s trade deal with the European Union, cars sold into the trade bloc will need to contain a certain proportion of parts from the UK or EU.
The factory is expected to start operating in 2024, and when it reaches full capacity at the end of the decade, it will be able to produce 300,000 battery packs for electric vehicles each year.
The executive chairman of Britishvolt, Peter Rolton, said on the BBC’s Today programme:
“This announcement is a major step in putting the UK at the forefront of the global energy transition, unlocking huge private sector investment that will develop the technology and skills required for Britain to play its part in the next industrial revolution.”
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