Powering the Future: AESC's Landmark EV Battery Gigafactory in Sunderland
Britain announced a £1 billion funding deal for a new AESC gigafactory in Sunderland, set to manufacture electric vehicle (EV) batteries. The project, backed by the UK government and several banks, aims to produce batteries for up to 100,000 EVs annually, significantly boosting the country's EV infrastructure.
In a significant move for the UK's electric vehicle industry, Britain revealed a £1 billion ($1.33 billion) funding initiative for a new AESC gigafactory. The facility will manufacture electric vehicle batteries and is set to significantly increase production capacity.
Located in Sunderland, northern England, the AESC plant aims to manufacture batteries for up to 100,000 EVs annually, marking a six-fold capacity increase. The initiative not only promises to foster sustainable transport innovation but also secure high-quality employment, according to finance minister Rachel Reeves.
The financing includes contributions from the UK's National Wealth Fund and UK Export Finance, with additional backing from prominent banks. This investment highlights AESC's commitment to supporting the UK's decarbonisation efforts and expanding the EV market.
(With inputs from agencies.)
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