“THE announcement of Government funding for the new EV battery plant in Northumberland is an incredibly positive moment for the EV market, highlighting the UK’s continued commitment towards a green economy. The rise of EV registrations is now at a UK high,” commented Meryem Brassington, electrification propositions lead at Lex Autolease (pictured left).
“However there is a real risk of demand outstripping supply creating a barrier to those wanting to make the transition. This strong signal of intent from the Government should provide comfort to the automotive industry and ensure the long-term supply of EV batteries across the country.
“That said, this is just one step in ensuring a green transition for the industry and country as a whole. If we are to achieve our ambitions, the Government cannot take their foot off the pedal and must continue to support the automotive industry to drive EV uptake on a mass-market scale.”
BritishVolt, a start up, received the funding through the Automotive Transformation Fund which has enabled a long-term partnership with Trixtax and abrdn that will deliver £1.7bn in private funding.
It is estimated that the gigafactory will create 3000 skilled jobs and a further 5000 jobs in the surrounding areas in the wider supply chain.
Peter Rolton, Britishvolt executive chairman, added:
This is a truly historic day and marks the start of a truly exciting move towards a low carbon future. One with Britishvolt batteries at the very centre of that strategy.
Lex Autolease is a funder partner of Broker News.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
