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Following the announcement, Boris Johnson and the Government, have been praised for the plant which was dubbed as an “amazing opportunity” for UK plc. With countries across the world looking to secure their green futures, start-up, Britishvolt hopes the new gigafactory will push Britain to become an energy superpower. Graham Hoare, President Global Operations of Britishvolt told Express.co.uk: “This is an amazing moment for UK plc, including its world-class automotive industry.
“It demonstrates further evidence of the foresight of the UK Government in futureproofing the next industrial revolution.
“The battery ecosystem in this country is one of the best in the world.
“Adding to an electrification ecosystem including the Faraday Institution and the Advanced Propulsion Centre, I am truly proud to see Britishvolt lead the journey into industrialisation with the country’s first full-scale Gigaplant.
“This will enable the UK to capitalise on its home-grown battery intellectual property and help level up the country ready for the energy transition.
“Global Britain is truly on the global stage.”
The company secured an offer of funding has been made through the Automotive Transformation Fund which has enabled a long-term partnership with Trixtax and abrdn that will deliver £1.7bn in private funding.
Business Secretary, Kwasi Kwarteng, claimed additional funding takes the project to £2.5billion.
The gigafactory will be built in Northumberland, with construction beginning in April this year.
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It is thought the plant will create a further 3,000 immediate jobs and an extra 5,000 jobs throughout the supply chain.
The gigaplant will provide 300,000 electric vehicle battery packs a year.
Paul Franklin, property director for Britishvolt added: “To make this strategically, and historically, important development possible we have adopted an innovative property funding strategy with a forward-thinking partner that is no stranger to being at the vanguard of new industries.
“Our approach with Tritax, supported by abrdn, has been carefully designed to allow the construction programme to meet the timescale demands of our customers.
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“Funding streams will be delivered to meet demand requirements and build timelines allowing us to accelerate our programme, at a cost profile aligned to the business.”
Isobel Sheldon OBE, chief strategy officer concluded: “UK Government has, very rightly, rigorous and detailed application processes on applications for central government funding, some of the most challenging in the world.
“Today’s announcement shows that Britishvolt has passed through intense scrutiny and diligence of its business, sending a signal to our customers, investors, employees and other stakeholders that our company is already taking its place as one of the world-leading businesses developing and manufacturing battery technology as part of the global effort to deliver a better future for all of us.
“One that will deliver clean air and a sustainable future for all.”
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