Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Geneva Auto Show
    • Munich Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Europe By The Numbers
  • Car Cutaways
  • Resource Center
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: All or nothing: Why circular business models require a holistic approach
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
    • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Capgemini and Renault Group: Leaders on unlocking automotive sustainability with circular economy strategies and EV battery solutions
    • Clear Channel: The automotive industry is getting EV advertising wrong
    • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Suppliers
February 15, 2022 04:22 AM

Britishvolt begins funding round with $54M from Glencore as it develops UK battery plant

Britishvolt begins a $135M funding round with $54M from Glencore as it develops its new plant and R&D center.

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Britishvolt UK plant sketch
    BRITISHVOLT

    A sketch of Britishvolt's planned UK plant is shown.

    LONDON -- Britishvolt will launch a Series C funding round with a starting investment of 40 million pounds ($54 million) from mining giant Glencore.

    The electric vehicle battery startup aims to raise around 200 million pounds ($135 million) in the funding round, some of which will go toward developing its planned battery factory in northern England and a research and development center.

    So far the company has raised around 100 million pounds.

    The startup also said it has signed agreements with four automakers for its battery plant in Blyth.

    So far Britishvolt has only publicly announced UK automaker Lotus as a customer.

    Last month Britishvolt secured UK government backing for the Blyth project, unlocking 1.7 billion pounds ($2.30 billion) in private funding.

    When the 3.8-billion-pound, 45-gigawatt-hours plant is fully operational in 2027 it should be able to produce battery packs for over 450,000 EVs annually.

    Last year Britishvolt and Glencore signed a long-term cobalt supply deal and the mining giant owns an undisclosed stake in the startup.

    The two companies will also jointly develop a new UK battery recycling plant that will help reuse expensive key raw materials like cobalt and lithium.

    Britishvolt said its latest fundraising round will be led by Bank of America, Citibank and investment bank Peel Hunt. Lazard will act as the company's financial advisor.

    Related Article
    Mining giant Glencore acquires stake in UK battery startup Britishvolt
    RECOMMENDED FOR YOU
    China says Biden plan to shut it out of U.S. battery supply chain violates WTO rules
    Recommended for You
    bidenbullhorn.jpg
    China says Biden plan to shut it out of U.S. battery supply chain violates WTO rules
    Luminar CEO Austin Russell
    Growing pains sting Luminar Technologies amid driver-assist skepticism
    Stellantis Symbio fuel cell-plant-France
    Stellantis JV Symbio inaugurates Europe's largest hydrogen fuel cell plant
    CAAM EVC unveils China's role in global electric vehicle expansion at IMXpo
    Sponsored Content: CAAM EVC unveils China's role in global electric vehicle expansion at IMXpo
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Geneva Auto Show
        • Munich Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Europe By The Numbers
    • Car Cutaways
    • Resource Center
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: All or nothing: Why circular business models require a holistic approach
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • PUBLICIS SAPIENT: The power of post-purchase: How automakers can maximize customer lifetime value
        • TOYOTA EUROPE: Toyota Motor Europe's next-gen C-HR: sensory innovations revealed by Vehicle UX leader
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
        • Capgemini and Renault Group: Leaders on unlocking automotive sustainability with circular economy strategies and EV battery solutions
        • Clear Channel: The automotive industry is getting EV advertising wrong
        • SENSEAUTO: Driving the future of mobility with SenseAuto: The AGI power behind the wheel
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us