Battery manufacturing start-up Britishvolt has secured a £40 million investment from mining firm Glencore shortly after the two firms announced they would jointly open a battery recycling centre.
The £40m investment precedes a larger fundraising effort in which Britishvolt will aim to secure a further £200m. This round of funding will be led by the Bank of America, Citibank and Peel Hunt.
The funding will be used to further develop the firm’s Blyth gigafactory and expand its research and development capabilities with an additional facility.
Britishvolt says the factory will build enough cells to supply 300,000 battery packs for the automotive industry each year by 2028.
Kasra Pezeshki, Britishvolt chief investment officer, said: “Following on from the hugely positive news of government backing for our first full-scale gigaplant, and having secured £1.7 billion 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.”
Glencore’s investment further strengthens the firm’s relationship with Britishvolt. The FTSE 100-listed company agreed last month that it would collaborate with the battery firm to open a new recycling plant by mid-2023 near Northfleet in Kent.
The recycling plant will be based at Glencore’s Britannia Refined Metals facility, formerly the country’s largest coal-fired power station. It is expected to process more than 10,000 tonnes of lithium ion batteries each year, as well as manufacturing scrap from Blyth.
Britishvolt received £1.7bn in funding from investment firms Trixtax and Abrdn earlier this year, as well as £100m from the UK government’s Automotive Transformation fund.
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Whilst I may disagree with your conclusion, well said Strawman_John, eveyone needs to accept it and move forward.
As for the other fools? Yet again the stupidity of linking the post-Brexit taxpayer paying up if a company fails beggers belief and shows no understanding of what being part of the EU was.
If Britishvolt fail after Brexit then yes, the UK taxpayer will loose their investment. If Britishvolt failed whilst were were part of the EU, given the British taxpayer paid the EU money, and the EU return that money in the form of a EU grant, in effect the British tax payer has still lost.
Whether you're for or against Brexit, I'm finding it insane how people voted and argued not understanding how the system worked.
As a taxpayer, I wanted the people we vote for to control what happens with my money, I didn't want it to be spent in Latvia! Why is my belief so offensive to people? Why after two years are we still discussing this?
So every bit of goods news on investment is not a proof Brexit is good, but rather people are going forwards to overcome the obstacles.
Brexit is not the death of the UK but just a mistake that makes the country less well off and less competitive.
So congratulations to those who voted Brexit you won and we all lost. You put a boundary inside the UK, reduced our ability to compete and reduced our world reputation and influence for no benefit. Even the government has to write to sun readers in the hope of finding a benefit.
So every bit of goods news on investment is not a proof Brexit is good, but rather people are going forwards to overcome the obstacles.
Brexit is not the death of the UK but just a mistake that makes the country less well off and less competitive.
So congratulations to those who voted Brexit you won and we all lost. You put a boundary inside the UK, reduced our ability to compete and reduced our world reputation and influence for no benefit. Even the government has to write to sun readers in the hope of finding a benefit.