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UK Secures £1 Billion Deal for AESC Gigafactory in Sunderland

The new facility will produce EV batteries for 100,000 vehicles annually, create over 1,000 jobs, and bolster the UK’s green industrial strategy.

Overview

  • The UK government finalized a £1 billion funding package for AESC’s Sunderland gigafactory, including £680 million in state-backed guarantees and £320 million in private financing.
  • The plant will supply batteries for up to 100,000 electric vehicles annually, significantly increasing the UK’s domestic EV battery production capacity.
  • Over 1,000 high-quality jobs will be created in the North East, supporting regional economic growth and skilled employment opportunities.
  • AESC’s CEO Shoichi Matsumoto described the investment as a milestone in advancing the UK’s decarbonization goals and EV market expansion.
  • The National Wealth Fund and UK Export Finance played key roles in unlocking financing, reflecting a strategic public-private partnership to strengthen the UK’s EV supply chain.