(Bloomberg) -- UK battery company Britishvolt Ltd. is working with South Korea’s Posco Chemical Co. to secure supplies of materials for cells as it prepares to open a gigafactory in England.
Britishvolt -- backed by Glencore Plc -- plans to open one of the UK’s biggest electric-vehicle battery plants next year as it jostles for a slice of the growing sector. Europe could have more than 450 gigawatt-hours of commissioned cell-making capacity by 2025, BloombergNEF said, with Britishvolt making up 35 gigawatt-hours.
The battery company has signed a memorandum of understanding with Posco Chemical to secure a stable supply of anode and cathode active materials, it said on Thursday. The two are working toward a joint development agreement for longer-term cooperation.
“Our MoU with Posco paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production prior to switching to volume manufacture of battery cells” at the plant in northeast England, Britishvolt founder and Chief Executive Officer Orral Nadjari said in a statement.
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