COVENTRY City Council is set to discuss a £ 500,000 loan to help Britain’s new Battery Industrialization Center (UKBIC) pick up new business as it responds to increased demand for its services.
As the pandemic abates, the demand for vehicle electrification increases and the global pandemic abates and the demand for vehicle electrification increases.
The £ 130million Battery Research Center, opened in July 2021 to help the UK automotive industry develop the next generation of electric vehicle batteries, is adjacent to Coventry Airport – the proposed site for the Coventry and Warwickshire Gigafactory.
Advisors will learn that since planning for UKBIC began four years ago, the auto industry has changed faster than expected, with legislation now in effect that will ban the sale of new internal combustion engine vehicles to ‘by 2030.
As the installation is now complete and the effects of the pandemic subside, new orders are arriving and demand is so high that the center needs short-term funding, bring in the additional staff needed to meet this need. demand.
Councilor Richard Brown, Cabinet member for finance, added: “Lending makes good business sense – for the center and for the board.
“It’s a safe and secure way to give the new facility the support it needs from the start so it can keep our city at the heart of the auto industry as it enters this exciting new era. “
Funding is being made available through the UK government’s Faraday Challenge, but as a shareholder City Council is considering a secured loan of up to £ 500,000 to contribute to the £ 2million required during the fiscal year In progress.