UK battery company Britishvolt has received an in principle offer of government funding though the Automotive Transformation Fund (ATF) for its planned gigafactory in Blyth, Northumberland.
Once complete, the factory could produce enough batteries for over 300,000 EVs each year, which will support the UK automotive industry’s transition to a zero-emission future.
The government said its support for the gigafactory will help to unlock further funding from private investors. Alongside private sector investment, the project is set to create 3,000 direct highly-skilled jobs and another 5,000 indirect jobs in the wider supply chain.
Kwasi Kwarteng, business secretary, said: “Today’s news is a major boost for Britain and a resounding vote of confidence in the North East economy.
“Britishvolt’s planned gigafactory will not only enable the UK to fully capture the benefits of a booming electric vehicle market, but will bring thousands of highly-skilled, well-paid jobs to the North East.
“In this global race between countries to secure vital battery production, this government is proud to make the investment necessary to ensure UK’s retains its place as one of the best locations in the world for auto manufacturing.”
The ATF is part of the government’s wider Net Zero Strategy released in October ahead of COP26. This is in addition to the £500m already pledged as part of its 10 Point Plan.
Read more: Northumberland EV gigaplant plans approved
