£100 million in investment by the British government for the plant which is set to employ about 3,000 workers once it reaches its full capacity over the next six years. As United Kingdom’s automotive sector transitions from internal combustion engines to electric cars which produce zero carbon emissions, Britishvolt is hoping to build the plant rapidly with the aim of supplying for the industry’s growing needs.
The firm is looking to take advantage of rising demand for EV batteries ahead of UK’s 2030 ban on new fossil fuel vehicles. The first batteries at the new gigafactory are scheduled to start production in 2024.
Both the government and Britishvolt have declined to comment on the size of the new investment, but a source with knowledge of the negotiations told the Guardian that it was worth about £100 million. Securing investment in the UK-based battery manufacturing plant has been a key goal for Prime Minister Boris Johnson’s government. On several occasions he has expressed hopes for the project as part of his plans to boost parts of the UK which have missed out on investment over the recent years.
Commenting on the plan for the plant PM Johnson said it is “a strong testament to the skilled workers of the north-east and the UK’s place at the helm of the global green industrial revolution”. It will “boost the production of electric vehicles in the UK,” he added.
