Friday, November 22, 2024
Infrastructure and TechnologyLatestNews

Britishvolt launches Series C funding round with £40m investment

Britishvolt has announced it is set to launch its Series C fundraise, led by BofA, Citi and Peel Hunt, with Lazard acting as Financial Advisor to the Company.

The fundraise will be offered to both existing and new institutional and strategic investors, with the intention to raise approximately £200 million.

Glencore, one of the world’s largest global diversified natural resource companies and a major producer, supplier and recycler of the metals that are critical to the energy transition, has invested £40m in the fundraise on top of participation in previous funding rounds.

In addition to a previously announced proposed joint venture to build a 10,000 tonnes per year capacity battery recycling plant.

Britishvolt already has a supply agreement in place with Glencore to source a percentage of the cobalt required for its operations.

The funds raised through Series C will be used to further develop the Northumberland Gigaplant site and expand Britishvolt’s R&D capability through development of a dedicated pilot facility and R&D centre, in addition to development of the Company’s multiple growth opportunities.

Britishvolt has signed MOUs with four separate OEMs with a cumulative demand of 7GWh in 2024 and 2025, aligned to the Company’s start of production and ramp-up, a clear signal of the huge demand for high-quality, sustainable battery cells.

Release of an official A-sample battery cell, scheduled to be delivered to partners in 2022, will help to further accelerate commitments from customers.

To date Britishvolt has raised c.£100 million, enabling the Company to become one of the fastest growing battery technology companies in Europe. In addition to UK Government support, the Company is in discussions with the Canadian Government regarding its expansion plans in that country.

Kasra Pezeshki, Britishvolt Chief Investment Officer, said: “Following on from the hugely positive news of Government backing for our first full-scale Gigaplant, and having secured £1.7bn of private capital for construction of the shell and core, Britishvolt will now open its Series C fundraise. 

“We are increasingly excited by the number of potential growth and investment opportunities available to the business. Our interactions with the capital markets, and customers, show that demand for low-carbon, responsibly-manufactured batteries is rapidly growing day by day.”

Image: courtesy BritishVolt

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