Battery manufacturing start-up Britishvolt has secured funding of £1.7 billion in a huge boost to its plans to manufacture automotive battery cells in North East England, starting in 2024.
The decision from property investor Trixtax and investment company Abrdn to put up the money came after the UK Government gave Britishvolt a smaller sum via its Automotive Transformation Fund, Britishvolt said. The company declined to say how big the government tranche was but Autocar understands it was £100 million.
“This announcement is a major step in putting the UK at the forefront of the global energy transition,” Peter Rolton, Britishvolt chairman, said in a statement.
Britishvolt filed for administration on 17 January 2023.