Electric car battery giant plans to float

T HE firm behind a £ 2.6 billion electric car battery factory being built in the North East could float on the London stock market next year.

Britishvolt is raising funds to build its ‘gigafactory’ in Blyth, near Newcastle, creating up to 8,000 jobs by 2027. The firm, owned by Abu Dhabi financier Orral Nadjari and car veteran Lars Carlstrom, has initial funding from about 25 private Emirati and Scandinavian investors, and has applied for a Government grant. Nadjari said it would decide by the end of March whether to float to raise further funds. If it does, it would aim to be listed by July.

‘ The proposition is to build a homegrown leader in t he gl obal battery industry and we would very much like to list in London,’ he said, adding that New York was the second choice. He declined to estimate its potential flotation value.

The first lithium-ion batteries are scheduled for production in Blyth by 2023. It will be the world’s second largest pure battery-maker after Tesla’s Nevada gigafactory.