Battery manufacturing start-up Britishvolt has secured a £40 million investment from mining firm Glencore shortly after the two firms announced they would jointly open a battery recycling centre.
The £40m investment precedes a larger fundraising effort in which Britishvolt will aim to secure a further £200m. This round of funding will be led by the Bank of America, Citibank and Peel Hunt.
The funding will be used to further develop the firm’s Blyth gigafactory and expand its research and development capabilities with an additional facility.
