Proactive Investors - China’s EVE Energy (SZ:300014) is reportedly in discussions over a £1.2 billion investment to build a new electric vehicle battery factory on the outskirts of Coventry.
This could see up to 6,000 jobs created at the newly constructed 5.7 million square foot gigafactory, which would sit inside a West Midlands investment zone.
The West Midlands Gigafactory project had signalled in October that advanced talks were being held with “several leading Asian battery manufacturers” over investment at the site.
Such investment is set to rely heavily on public subsidies though, with the UK having struggled to attract manufacturers in recent years against hefty grants in the US.
“Based in Coventry, West Midlands Gigafactory is the only available site in the UK that sits within an investment zone and has planning permission for a large-scale battery manufacturing facility,” a project spokesperson said.
“We are in discussions with a number of global battery manufacturers, but these remain confidential.”