Blue-chip commodities and mining group Glencore backs the UK’s first battery ‘gigafactory’
Glencore is backing the UK’s first battery ‘gigafactory’
Glencore is backing the UK’s first battery ‘gigafactory’. The blue-chip commodities and mining group will take a stake in Britishvolt and provide it with supplies of cobalt.
Britishvolt’s planned plant in Blyth, covering 235 acres, will have capacity to churn out batteries for 300,000 cars per year. The Northumberland factory will be built in three stages, with manufacturing beginning in 2023. The site is due to be completely finished by 2026. Glencore said the agreement with Britishvolt would ensure ‘long-term supply’ of cobalt needed for making batteries at the site.
The firm did not disclose how much it had paid for its stake in Britishvolt or how big it is. David Brocas, Glencore’s head cobalt trader, said: ‘We are delighted to be partnering with Britishvolt, a pioneer in UK electric vehicle battery technology and production.’ Britishvolt founder and chief executive Orral Nadjari said: ‘This is a huge step in the right direction for Britishvolt.’