Glencore acquires stake in UK battery maker Britishvolt for gigafactory

Mining giant Glencore Plc acquired a stake in Britishvolt Ltd., allowing the U.K. battery maker to secure long-term supplies of key material cobalt.
 

Britishvolt is building the U.K.’s first giant battery factory in northern England. It will produce batteries for electric vehicles, with demand set to grow as the U.K. bans sales of new gasoline- and diesel-powered cars by the end of the decade.

“This is a huge step in the right direction for Britishvolt,” Chief Executive Officer Orral Nadjari said in a statement, without disclosing the size of Glencore’s stake or the financial terms. “By partnering with Glencore, we are