Mining company Glencore has bought a stake in Britishvolt, a lithium-ion battery plant. The percentage of stake acquired, however, remains undisclosed.
Britishvolt plans to build a giant EV battery plant in North England. The investment is in keeping with the country’s goal of banning the sale of diesel cars by 2030. Glencore, in its release, states that strategic partnerships between raw material and battery producers on the road map to net-zero are a necessity.
Britishvolt believes as the world transits towards electric vehicles, demand for battery metals such as cobalt, copper, and nickel is expected to rise. Glencore has also signed a long-term cobalt co-operation agreement with the British lithium-ion battery plant.