Lotus explores electric-car battery tie-up with Britishvolt

Lotus explores electric-car battery tie-up with Britishvolt

International News, Uncategorized















Bloomberg

Group Lotus Plc and Britishvolt Ltd signed a preliminary agreement to explore teaming up on battery manufacturing, research and development, according to people familiar with the matter.

The companies plan to share details of their memorandum of understanding next week, said the people, who asked not to be identified ahead of the announcement.

The deal is Britishvolt’s first official tie-up with a carmaker and an important step for the company looking to cement its credibility with prospective investors. The firm has done two rounds of fundraising and said last year it’s considering listing in London. Britishvolt has begun work on a $3.5 billion battery plant in Blyth, England, that it has said will create about 3,000 jobs.

The UK government will back the project with an unspecified amount from its Automotive Transformation Fund, a 1 billion-pound program to help build factories that can produce batteries at scale. The grant will unlock a 1.7 billion-pound investment from asset manager abrdn Plc and logistics real

estate investor Tritax Group, Britishvolt said in a statement.

Prime Minister Boris Johnson is eager to build up a local cell-making industry as the UK