Financial services giant Abrdn helping power up pioneering green battery facility

Financial services giant Abrdn is helping bankroll the creation of a pioneering electric-vehicle battery factory, with the “historic” investment accelerating the UK’s energy transition on the road to zero.

HM Government has announced its support for electric-vehicle battery specialist Britishvolt, and an in-principle offer of funding has been made through the Automotive Transformation Fund that has enabled a long-term partnership with UK and European logistics property investor Tritax and Edinburgh-headquartered Abrdn that will deliver about £1.7 billion to £2bn in private funding.

Britishvolt said its “transformational” plans for its first full-scale Gigaplant are powering ahead, and the facility in in Northumberland will create about 3,000 high-value jobs directly and build enough cells each year for more than 300,000 electric-vehicle battery packs.

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Abrdn is helping bring about the 'historic' investment expected to help the UK achieve net zero. Picture: contributed.

Tritax and Abrdn are becoming Britishvolt’s partner to fund the build of the project, shell and core, and to develop the associated supplier park.

Peter Rolton, Britishvolt executive chairman, said: “This announcement is a major step in putting the UK at the forefront of the global energy transition, unlocking huge private sector investment that will develop the technology and skills required for Britain to play its part in the next industrial revolution.”

Tritax Group chief executive James Dunlop said: “Tritax and Abrdn are delighted to have been chosen to partner with Britishvolt to fund and deliver this at Blyth. The £3.8bn scheme will create a sustainable and green-powered ecosystem for UK battery and EV manufacturing.”

Abrdn said in November that it had pledged to cut the “carbon intensity” of assets it manages by 50 per cent by the end of the decade.

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