Logistics real estate investor Tritax and abrdn are entering into a long-term partnership with electric-vehicle battery pioneer Britishvolt.
The partnership will deliver £1.7 billion ($2.3 billion) in private financing to deliver Britishvolt’s first full-scale electric-vehicle gigaplant at Blyth, Northumberland in the United Kingdom, and help propel the U.K.’s energy transition to net-zero.
Tritax and abrdn will fund the buildout of the project, which is Britishvolt’s first full-scale gigaplant, and develop the associated supplier park. The plant will build enough cells each year for more than 300,000 electric vehicle battery packs, equivalent to 25 percent of current U.K. vehicles manufactured.
The project is also receiving support from the HM Government, U.K., through its Automotive Transformation Fund (ATF), delivered by the Advanced Propulsion Centre.
ATF was formed to create a sustainable, zero-emission automotive supply chain in the Uni