BURSTJapanese battery maker unlocks £680m from UK government along with £320m in private finance and equity
Japan’s AESC has announced it will build a second gigafactory in Sunderland to produce electric vehicle batteries, after it secured a £1bn debt funding deal backed by a £680m guarantee from the UK government.
The National Wealth Fund and UK Export Finance, both state bodies, will provide financial guarantees that unlock the £680m in financing for the battery maker. A further £320m in debt funding will come from private financing as well as new equity from the business.
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