Britishvolt kicks off funding round with
$54 million from Glencore
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[February 15, 2022]
By Nick Carey
LONDON (Reuters) - Electric vehicle (EV)
battery startup Britishvolt said on Tuesday it will launch a Series C
funding round with a starting investment of 40 million pounds ($54
million) from mining giant Glencore. |
![](../images/021522PIX/busine35.jpg)
Peter Rolton, executive chairman of electric vehicle battery startup
Britishvolt, shows a billboard at the site of the company's large
planned battery plant, in the former industrial town of Blyth, Britain
January 27, 2022. REUTERS/Nick Carey |
Britishvolt said it aims to raise around 200 million pounds in
the funding round, some of which will go toward developing its
planned battery factory in northern England and a research and
development centre.
So far the company has raised around 100 million pounds.
The startup also said it has signed agreements with four
carmakers with cumulative battery demand in 2024 and 2025 of 7
gigawatt hours (GWh) for its battery plant in Blyth.
So far Britishvolt has only publicly announced British carmaker
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 GWh 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.
(This story was refiled to insert dropped number 7, in paragraph
4)
(Reporting By Nick Carey; Editing by David Gregorio)
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