Britishvolt to receive government funding for Gigafactory
The battery manufacturer says it has received confirmation from the UK Government that it will receive funding from the Automotive Transformation Fund (ATF).
“While the overwhelming majority of investment for the project will come from private sources, the ATF’s grant funding is very important in proving that the UK Government is confident that we will deliver on our plans, and this will help to generate further private investment,” says Isobel Sheldon, Chief Strategy Officer at Britishvolt, in a press release.
The total investment for Britishvolt’s gigaplant in Northumberland is around GBP 3.8 billion. At full production, enough battery cells will be produced for more than 300,000 lithium-ion batteries a year.
Britishvolt did not specify the scope of the government funding in the press release.