25 March, 2024: EVE Energy, a leading Chinese electric vehicle battery manufacturer, is reportedly in talks to invest more than £1 billion in building a large-scale gigafactory on the outskirts of Coventry.
The planned factory, which covers an area of 5.7 million square feet, is set to be a crucial element of the proposed UK Centre for Electrification, located in the West Midlands region. With an initial annual capacity of 20GWh, the site is expected to triple its output to 60GWh.
The investment has the potential to generate as many as 6,000 jobs and will entail partnerships with local councils and Coventry airport, the chosen site for the facility. EVE Energy is contemplating an initial outlay of £1.2 billion for the project, with the possibility of further expansion in future stages.
This announcement comes after Tata Group pledged £4 billion last year to construct an electric vehicle battery gigafactory in Somerset, UK, anticipated to create 4,000 new jobs. The West Midlands, known for its numerous car production plants and the UK's premier battery research centre, is emerging as a focal point for electric vehicle battery manufacturing and technological advancements.
The Coventry gigafactory initiative has the potential to draw in extra private investment amounting to around £2 billion, subject to obtaining significant financial support from the UK government. Talks with potential investors, including prominent Asian battery producers, have been in progress since October 2023.
While the project's representative acknowledged talks with international battery producers, precise information is kept private. The government reaffirmed its dedication to bolstering automotive manufacturing during the UK's shift to electric vehicles, highlighting the prudent utilisation of public funds.
This substantial investment reflects a collaborative and forward-thinking approach between international industry players and the UK government in driving sustainable growth and promoting the responsible use of resources in the pursuit of a greener future.