A huge Chinese company is reportedly on the verge of signing up to build the UK's biggest gigafactory in Coventry. EVE Energy, which makes electric vehicle batteries for BMW, is said to be in 'exclusive and advanced stage' to build the facility near Coventry airport.
It is set to invest billions of pounds into creating what would become Britain's biggest factory of its kind, reports The Sunday Times. The large-scale battery production facility would reportedly have capacity for up to 60GWh per annum – enough to power 600,000 electric vehicles.
A deal could be signed 'within weeks' as talks are said to be in an 'exclusive and advanced stage'. Sources have said that the company, which is among the five biggest EV battery-makers in the world, has made 'a multi-billion pound commitment'in a letter to Jeremy Hunt, the chancellor.
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The Sunday Times reports that the investment rests on hundreds of millions of pounds in UK subsidies, likely to come from a £4.5 billion pot of aid for key manufacturing industries such as the automotive sector.
The paper reports that Andy Street, mayor of the West Midlands, has been key in the negotiation process between the joint venture, EVE and the chancellor. Only 18 months ago, EVE signed a contract to supply BMW with large cylindrical batteries for its electric cars in Europe.
The Guangdong-headquartered company built its first gigafactory in Europe in Debrecen, Hungary, in November. The news comes as the project has been given a £35m boost to get it off the ground.
The cash, which is through the West Midlands Investment Zone (WMIZ), will see an initial sum spent on highways and infrastructure works around the site and prepare it for the factory to be built.
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2024-03-25 07:47:16Z
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