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Government injects t £100mln into Northumberland-based battery maker Britishvolt

The UK government is to invest around £100mln in a new electric car battery plant to be built in Britishvolt.

Fund manager firm Abrdn and its property arm Tritax also contributed to the funding round, which is part of the start-up’s plans to raise £2bn to rejuvenate the former Blyth power station.

Business Secretary Kwasi Kwarteng described the support, which is being made through the Automotive Transformation Fund through a sale and leaseback deal for its building,as “reindustrialisation”.

“We’re bringing industry, we’re bringing manufacturing to an area that has been underinvested in frankly and we’re bringing thousands of jobs,” he told the BBC.

“Well paid jobs, which represent a huge economic opportunity for people in this area. This is exactly what levelling up looks like. ”

How to power the expected surge in usage of electric cars is one of the many headaches for the current government.

Boris Johnson has already announced a ban on sales of new petrol and diesel cars from 2030 as part of a switch to greener power alternatives.

Britishvolt said its plant will produce enough batteries to power 300,000 electric vehicles a year and employ 3,000 people.

Peter Rolton, the company’s executive chairman, said the aim is to employ local people with the target to produce its first batteries in 2024.

Last year mining giant Glencore invested £70mln in an earlier funding round carried out by Britishvolt.

Read More: Government injects t £100mln into Northumberland-based battery maker Britishvolt

2022-01-21 02:23:00

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