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(Alliance News) - Low-carbon batteries firm Britishvolt has secured support from miner Glencore PLC in a GBP200 million funding round, the Financial Times reported on Monday.
Britishvolt said Glencore would be the cornerstone investor in its Series C financing. The miner has committed GBP40 million at a significantly higher valuation than its previous investment in Britishvolt, the FT reported.
The launch of the funding round comes weeks after Britishvolt raised GBP1.7 billion in sales and leaseback funding from warehouse provider Tritax Group and investment group abrdn PLC to construct its factory in Northumberland.
Britishvolt's gigafactory, which at its peak aims to produce enough cells for 300,000 electric car batteries a year, will be the UK's fourth-largest building. To help finance the project, which could cost as much as GBP3.8 billion, the FT said Britishvolt has been mulling a London listing.
https://www.ft.com/content/c7d2f755-9bb7-48ec-90d3-fbce34bbf381
By Lucy Heming; lucyheming@alliancenews.com
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