Gigafactory hopeful Britishvolt has won a new funding injection that takes the valuation of the company over the $1bn mark and defines it as a unicorn company.

The company secured a $70m cash injection from a panel of investors that the Telegraph reports as including Glencore, Carbon Transition and NG Bailey.

Britishvolt intends to build its Gigafactory at the siter of a former power station in Cambois, Northumberland, and recently signed a strategic partnership with Glencore for the supply of cobalt. Energy for the plant will come from a Britishvolt owned 200MW solar farm, further adding to the company’s credentials.

The company has provisional deals with several car manufacturers, and the EV market is expected to make up the vast majority of its orders.

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