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Highlights
- Britishvolt received backing from the UK government for building a large-scale battery plant in northern England which is expected to help boost EV production in the UK.
- Some other investors include Tritax and abrdn PLC, which helped Britishvolt receive private funding of around £1.7 billion
UK-based electric vehicle (EV) battery manufacturer Britishvolt received backing from the UK government for building a large-scale battery plant located in the northern England region. The new factory is expected to help boost EV production in the UK
The government aims to fund it through its Automotive Transformation Fund. As per media reports, the government would provide funding of around £100 million.
Some other private investors of the battery plant include Tritax, a logistics real estate fund manager, and investment company, abrdn PLC. The private funding will help develop the 30 GW factory based in Blyth. Britishvolt managed to gain access to around £1.7 billion in private funding.
The UK has banned fossil fuel-powered cars from 2030, as part of its ambitious goals to be net-zero by 2050.
Let us explore the investment opportunities of some LSE listed stocks which are related to the EV space:
- AMTE Power PLC (LON:AMTE)
AIM listed group AMTE power is a manufacturer and developer of lithium-ion and sodium-ion battery cells. The group was confirmed as a partner for a government-backed project named CELERITAS, to help cut the charging time of EVs down to around 12 minutes.
Image source: Refinitiv
The group’s shares ended at GBX 139.00, higher by 1.00 point or 0.72 per cent on 20 January, while the FTSE AIM All-Share index closed at 1,156.45, up by 6.96 points or 0.61 per cent.
The group’s market cap was at £ 48.99 million on Thursday. It was admitted to the LSE on 12 March 2021.
- AFC Energy PLC (LON: AFC)
AFC develops alkaline fuel cells for providing renewable energy via battery and fuel storage products and services. It is a part of the FTSE AIM UK 50 index.
As per AFC’s recent year-end operating statement, the group’s signed commercial agreements had a value of around £4.5 million. It also stated it had robust system sales and lease opportunities to help drive its future revenue growth.
Image source: Refinitiv
The group’s shares ended at GBX 39.55, up by 1.95 or 5.19 per cent on 20 January, while the FTSE AIM UK 50 index closed at 6,156.26, up by 87.12 points or 1.44 per cent.
The group’s market cap was at £ 290.49 million on Thursday.
- Johnson Matthey Plc (LON: JMAT)
Another stock one could consider is FTSE 250 index constituent Johnson Matthey (LON:JMAT). Johnson Matthey Plc is a specialty chemicals company that provides sustainable technologies, with a focus on EV battery materials.
The group recently stated it plans to close its battery materials division following efforts to sell parts or all of its battery materials business. As of 30 September 2021, the fully impaired carrying value of these assets was around £314 million.
Despite its intended exit from the above business, the group continues to be involved in the EV value chain space. On Thursday, the group inked a memorandum of understanding (MoU) with a major material recycler, European Metal Recycling (EMR).
As per the MoU, both parties plan to develop a UK efficiency-focused value chain for the recycling of lithium-ion batteries and cell manufacturing materials.
Image source: Refinitiv
The group’s shares ended at GBX 2,016.00, higher by 10.00 points or 0.50 per cent on 20 January, while the FTSE 250 index closed at 22,714.98, up by 59.96 points or 0.26 per cent.
The group’s market cap was at £3,835.26 million on Thursday.
