Monaco-based Scorpio Group has made a strategic investment in UK-based battery technology startup Britishvolt with the aim of exploring power solutions for the maritime industry.
Britishvolt plans to build a battery gigaplant in Northumberland and has secured investment that signals plans to power maritime as well as automotive vehicles. The company is working on plans for the former Blyth Power Station coal yards, which could create 3,000 direct jobs and another 5,000 through its supply chain once it opens in 2024.
In March, Britishvolt launched a Series C funding round with a starting investment of £40m ($53m) from mining firm Glencore. The company has also secured backing from the UK government and penned memoranda of understanding with carmakers Lotus Cars and Aston Martin, which will see it develop electric vehicles powered by Britishvolt cells.
Financial details of the Scorpio transaction were not disclosed. Britishvolt said the future of maritime propulsion and power storage is likely to lead the shipping industry to increasingly embrace battery power.
Kasra Pezeshki, Britishvolt’s chief investment officer, added: “The investment by Scorpio is a clear endorsement of Britishvolt’s vision for 2050, whereby not only electric vehicles adopt our low carbon sustainable battery cell capacity, but also maritime and aviation.”
Filippo Lauro, vice president of Scorpio, said: “The battery pioneer’s leadership position and access to the UK’s cutting edge scientific community ensure that we will be able to work together to further accelerate green propulsion and potentially power storage solutions for maritime.”
David Morant, managing director of Scorpio UK, added: “The UK is a seafaring nation and also a world leader in battery and maritime innovation. This partnership will further solidify that leadership.”
