The company building the UK’s first battery gigafactory has been valued at more than $1bn in its latest funding round, tapping into rising demand for energy transition investments.
Britishvolt raised about $70m in so-called series B financing from investors including mining company Glencore, Carbon Transition, a Euronext-listed fund that backs green businesses and technology, and UK engineer NG Bailey, said people with knowledge of the deals.
The fundraising marks another milestone for the company, which was founded in 2019 by Orral Nadjari, a former investment banker. It comes just weeks after the battery start-up began construction of its plant on the site of a decommissioned coal-fired power station in Northumberland.
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