The government owned UK Infrastructure Bank has announced a GBP200 million (USD253 million) bridging loan for AESC’s gigafactory in Sunderland. This is positive news in an increasingly challenging UK battery environment. The loan aligns with wider investment into the EV industry within the North East by Nissan, recently it committed to producing its next generation EVs in Sunderland.
A Second Gigafactory
The loan will support the construction of AESC’s GBP450 million (USD570 million) second gigafactory in Sunderland that entered construction in 2022. Once complete it will have a 15.8GWh annual capacity, a share of which will be used in Nissan’s nearby EV production plant. The gigafactory is expected to come online in 2025, but AESC has indicated that this new facility may increase its eventual output to 35GWh. The second gigafactory is much larger than AESC’s existing facility, the UK’s only operational gigafactory, which has a 1.8GWh annual capacity and has been in operation since 2012.
An EV future for Sunderland
This announcement comes after…
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