Britishvolt, the UK battery company, has received an in principle offer of government funding though the Automotive Transformation Fund (ATF) for its planned gigafactory in Northumberland.

Once complete, the factory will produce enough batteries for over 300,000 electric vehicles each year, significantly supporting the UK automotive industry’s transition to a zero emissions future and increased production of electric vehicles.

The government’s support for the gigafactory will help to unlock a significant amount of further support from private investors. Alongside private sector investment, the project is set to create 3,000 direct highly-skilled jobs and another 5,000 indirect jobs in the wider supply chain.

Prime Minister Boris Johnson, said: “Britishvolt’s plan to build a new gigafactory in Northumberland is a strong testament to the skilled workers of the North East and the UK’s place at the helm of the global green industrial revolution.

Backed by government and private sector investment, this new battery factory will boost the production of electric vehicles in the UK, whilst levelling up opportunity and bringing thousands of new highly-skilled jobs to communities in our industrial heartlands.”

Kwasi Kwarteng Business Secretary, said: “Today’s news is a major boost for Britain and a resounding vote of confidence in the North East economy.

Britishvolt’s planned gigafactory will not only enable the UK to fully capture the benefits of a booming electric vehicle market, but will bring thousands of highly-skilled, well-paid jobs to the North East.

In this global race between countries to secure vital battery production, this government is proud to make the investment necessary to ensure UK’s retains its place as one of the best locations in the world for auto manufacturing.”