17th Aug 2021 07:38
(Alliance News) - Glencore PLC has invested in battery startup Britishvolt, the Financial Times reported on Tuesday.
Britishvolt is a Blyth, Northumberland-based company planning to build a GBP2.6 billion factory on the site of a former coal power station to make batteries for electric vehicles. As part of the deal, Glencore will supply 30% of the cobalt that Britishvolt uses to make batteries from 2024 to 2030.
Glencore did not disclose the size of its investment, but it will become one of the startup's largest backers, the FT said, citing the two companies.
"From Britishvolt's perspective this is a major milestone, securing responsibly produced raw materials to help de-risk the project," Britishvolt Chief Executive Orral Nadjari said.
Britishvolt is considering whether to go public in London or New York through a merger with a special purpose acquisition company, the FT added.
https://www.ft.com/content/55e9fd81-1de7-46d1-9cd3-b47dadeeca2a
By Ivan Edwards; [email protected]
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