Britishvolt aims to be capable of making enough battery packs for 300,000 vehicles a year by 2027, although initial production at lower volumes is hoped to begin in 2023.
The company has agreed provisional deals with major car manufacturers to supply them with batteries which will account for about two thirds of its initial production capacity.
Glencore’s investment in Britishvolt is part of a wider tie-up between the two businesses.
Last month they revealed a long-term agreement for the mining giant to supply cobalt for use in the construction of batteries.
Glencore is the world’s largest producer of the material and Britishvolt said the scheme “significantly de-risks operations by obtaining long-term security of supply”.
In May The Telegraph revealed how the British Government is investigating creating a national stockpile of rare earth minerals – such as cobalt – which are key to the transition to electrical power.
The International Energy Agency (IEA) warned Western governments that they could need to build up stores of the materials as China is cornering the market in production of rare earth minerals.
Up to 3,000 jobs are expected to be created at the Blyth factory and 5,000 more in the supply chain.
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