Coventry battery firm wants to build gigafactory
Published On Feb 25, 2025, 1:27 PM
Volklec, a manufacturing firm, is in discussions to potentially build a gigafactory for producing electric vehicle batteries at Coventry Airport. They plan to invest £1 billion over the next five years and have already committed £25.25 million from local authorities for this initiative. Volklec's initial battery production will start at the UK's Battery Industrialisation Centre by the end of this year, creating about 100 jobs there. If the gigafactory project goes ahead, it could create up to 1,000 additional jobs. Discussions for government support for the project are ongoing, aiming to secure funds to advance the gigafactory plans.
Stock Forecasts
TSLA
Positive
The announcement of a potential gigafactory in Coventry by Volklec is a significant move towards increasing domestic battery production capabilities, particularly for electric vehicles. This development aligns with broader trends in the EV market, where demand for batteries is surging. If the project receives full backing from local and central government, it could help stabilize supply chains and provide much-needed jobs, making Volklec a potentially strong player in the sector.
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