Glencore stands behind Britishvolt gigafactory16 Feb 2022 13:26
Interesting article in today's Times: (sorry, couldn't hyperlink)
Is this, at least partly, a way forward for EUA2 as a part of JVs in the EV and Hydrogen industries?
Glencore has emerged as a cornerstone investor in Britishvolt, the giant “gigafactory” under construction at Blyth.
The giant mining and commodities group had already taken a financial interest in Britishvolt in return for the supply of cobalt and nickel that the plant in Northumberland will need. By 2027, Britishvolt plans to make enough batteries each year to power 300,000 electric cars. The battery company is one third-controlled by Orral Nadjari, 39, its Emirates-based founder.
Now, in a third private fundraising, Glencore has signed up to invest £40 million of the £200 million that Britishvolt hopes to bring in from private investors. This is on top of £100 million previously raised.
The ability to raise private funds to finance research, development and commercialisation is likely to mean that Britishvolt will take its time on the road to its ultimate goal of listing on the stock exchange.
Last month the business secured £1.7 billion of project finance for the complex construction of the gigafactory from abrdn, the investment house. The taxpayer has also ploughed £100 million into the venture in grants for a project that ministers hope will help to create 3,000 jobs.