Glencore Invests in UK's Britishvolt, Will Supply Cobalt for Batteries

Glencore PLC (GLCNF) said Tuesday that it has signed a partnership with and made an investment in U.K. lithium-ion battery- cell developer Britishvolt Ltd.

The Anglo-Swiss commodity trading and mining company said the deal is for the supply of cobalt to Britishvolt and includes an undisclosed investment amount.

"As the mobility and energy transition accelerates, so does future demand for battery metals such as cobalt, copper and nickel. Glencore (GLCNF) is already a leading producer and supplier of these metals, helping to underpin our ambition of achieving net zero total emissions by 2050," Glencore's (GLCNF) head cobalt trader David Brocas said.

Britishvolt has plans to build the U.K.'s first large, full-cycle battery cell manufacturing site in Northumberland, England, with a total investment of 2.6 billion pounds ($3.60 billion).

Write to Jaime Llinares Taboada at; @JaimeLlinaresT

  (END) Dow Jones Newswires
  08-17-21 0517ET
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