Electric vehicle (EV) battery start-up Britishvolt, which has the ambitious plan to build a recycling gigafactory in the UK, has secured a £40 million ($54 million) cornerstone investment from partner Glencore (LON: GLEN).
The miner and commodities trader’s backing is part of Britishvolt’s £200 million Series C fundraising led by Bank of America, which launched Tuesday, the company said.
The funds will help develop one of the UK’s only large-scale battery factory due to open in 2023, which will eventually produce enough materials for more than 300,000 EVs a year.
Glencore, which posted its highest-ever profit on Tuesday, has already invested millions in Britishvolt in earlier funding rounds that valued the battery company at more than £740 million ($1bn).
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