Two British startups have announced plans to invest as much as £4bn in building the UK’s first large-scale battery factory. AMTE Power and Britishvolt have signed a memorandum of understanding saying they will work together on plans for a plant to make lithium ion batteries, the key component in electric cars as well as energy storage products.
The Tesla Panasonic Gigafactory which began production in 2017, in Navada, USA.
The consortium hopes to build a plant that can produce batteries with capacity of as much as 30 gigawatt hours (GWh) a year, and possibly creating up to 4.000 jobs in the process. That would be similar to the joint Tesla-Panasonic Gigafactory in the United States.
The global automotive industry is racing to secure supplies of lithium ion batteries as manufacturers seek to meet growing demand for electric cars as well as government regulations that limit carbon dioxide exhaust emissions.
Tesla decided on Berlin over a British location because of Brexit. Other battery producers such as Sweden’s Northvolt, South Korea’s LG Chem and China’s CATL have built factories in EU countries.