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25/06/2024
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EVE Energy considers £1 billion investment for gigafactory in Coventry, UK

Chinese electric vehicle battery manufacturer EVE Energy is in talks to invest more than £1 billion in constructing a vast new gigafactory on the outskirts of Coventry. The proposed facility, spanning 5.7 million square feet, would be a significant component of the planned UK Centre for Electrification in the West Midlands region.

This substantial investment could result in the creation of up to 6,000 jobs and would involve collaboration with local councils and Coventry airport, where the facility is slated to be located. EVE Energy is contemplating an initial investment of £1.2 billion for the project, with potential expansion in later phases.

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This move follows Tata Group’s announcement last year of a £4 billion investment in constructing an electric car battery gigafactory in Somerset, UK, expected to generate 4,000 new jobs. The West Midlands, with its existing car manufacturing facilities and the UK’s largest battery research center, is positioning itself as a prominent hub for EV battery production and innovation.

The Coventry gigafactory project has the potential to attract additional private funding of up to £2 billion, subject to securing substantial subsidies from the UK government. Discussions with potential investors, including leading Asian battery manufacturers, have been ongoing since October 2023.

While a project spokesperson confirmed discussions with global battery manufacturers, specific details remain undisclosed. The government has reiterated its commitment to supporting automotive manufacturing in the UK’s transition to electric vehicles, emphasizing the responsible use of taxpayer funds.

As of now, EVE Energy has not provided any comments on the reported investment discussions.

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