In the News
Government Funding and the Multiplier Effect - British Volt and the Gigafactory
British Volt has secured government funding to build a gig-factory in Blyth, Northumberland to manufacture car batteries in the North East.
It seems as though the government have committed £100m from the Automotive Transformation Fund, with private investors supplying the bulk of the investment.
It represents a sizeable regional multiplier and will create thousands of new full-time jobs in a region where there's a need for them. Unemployment is well above the national average and per capita incomes in the north east region lag the UK average.
Here are some salient numbers on the scale of the project:
Britishvolt's new gigafactory in Northumberland - some key numbers:
- £2 billion-plus investment
- 3,000 direct jobs
- 5,000 supply chain jobs
- Set to open in 2024
- Capacity to produce 300,000 batteries per year
Check out our revision video on the multiplier effect.