Scorpio supports a British battery company in its maritime decarbonisation campaign

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Scorpio Group has made a strategic investment in UK electric vehicle battery start-up Britishvolt as part of plans to target the maritime sector.

The funding is part of a partnership to develop battery technology for marine users, Britishvolt said in a statement on Wednesday.

“The future of marine propulsion and energy storage is likely to lead the shipping industry to increasingly adopt battery power,” he added.

Filippo Lauro, Scorpio Group Vice Chairman and brother of Managing Director Emanuele Lauro, said: “The battery pioneer’s leadership position and access to the UK’s leading scientific community ensures that we will be able to working together to further accelerate green propulsion and potentially energy storage. maritime solutions.

David Morant, Managing Director of Scorpio UK, added: “The UK is a maritime nation and also a world leader in batteries and maritime innovation. This partnership will further strengthen that leadership.

He added: “The Scorpio Group is looking forward to building on its decades of maritime innovation with Britishvolt.”

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Scorpio and Britishvolt did not disclose the size of the strategic investment, but various media reports suggested it was in the “single-digit millions” of pounds.

Kasra Pezeshki, Britishvolt’s Chief Investment Officer, said: “Scorpio’s investment is a clear endorsement of Britishvolt’s vision for 2050 that not only electric vehicles adopt our sustainable low carbon battery cell capability. , but also shipping and aviation.

“These more polluting and heavier modes of transport must seek the best solutions to reduce emissions. Britishvolt batteries can play a vital role in this.

Indonesian agreement

Britishvolt recently signed an agreement with Indonesian Bakrie & Brothers for the supply of nickel sulphate to be imported into the UK.

In March, Britishvolt launched a Series C funding round with an seed investment of £40m ($53m) from mining giant Glencore.

The start-up previously focused on automakers, partnering with Aston Martin Lagonda Global Holdings and Group Lotus.

Britishvolt is aiming to build the UK’s first battery gigaplant on a specially selected site in Northumberland, northeast England, in an investment worth an estimated £2.6bn pounds ($3.2 billion).

Construction work was due to start last year and the first lithium-ion batteries should go into production at the end of 2023.

In February 2021, TradeWinds reported that Scorpio had taken a major stake in Norwegian battery cell maker Freyr Battery, which is listed on the New York Stock Exchange.

The company is said to have invested more than $20 million in the company, making it one of the company’s top 10 holders, alongside the Koch family, Glencore and Fidelity.

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