Britishvolt powers up with £200m funding from backers

Britishvolt, the Coventry firm which wants to build the UK’s first large-scale battery plant for electric cars in Northumberland, has secured a £200m financial line from a consortium of backers.

The deal values Britishvolt at just under £800m. Backers include listed mining and commodity investor Glencore which has pumped £40m into the venture.

The news follows the Government’s £100m commitment to bring forward a £1.7bn sale and leaseback of the Britishvolt property in Blyth, Northumberland, in January. The firm said it wants to start making batteries at the plant by the end of 2023. It will be the UK’s fourth largest building when operational.

Britishvolt, which is based at the MIRA Technology Park, says it will create 3,000 jobs in the Blyth area when the plant is up and running.