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Britishvolt powers on with Government cash support

A company building a 3000-job vehicle battery factory has gained confirmation of Government cash support.

Britishvolt says the Automotive Transformation Fund is officially backing its plans at Cambois, near Blyth, Northumberland.

The deal was announced earlier this year, with bosses at the time saying it would help secure £1.7 billion private funding.

And a final grant offer has now been rubberstamped, with Business Secretary Kwasi Kwarteng saying Britishvolt’s plant will “ensure Britain can fully capture the benefits of the booming global electric vehicle market”.

Britishvolt bosses say its base – which will sit on former Blyth Power Station land – has the potential to create 3000 direct jobs and up to 5000 supply chain posts.

When fully operational, they say it will have capacity to make 300,000 batteries every year for the electric vehicle market.

They also say the development represents a total investment of around £3.8 billion, making it the largest industrial investment in the North East since Nissan’s arrival in 1984.

Isobel Sheldon, Britishvolt’s chief strategy officer, said: “This is great news for our ambitious plans.

“While the overwhelming majority of investment for the project will come from private sources, the grant funding is very important in proving the Government is confident we will deliver on our plans.

“And this will help to generate further private investment.”