UK Infrastructure Bank provides £200 million boost to AESC gigafactory

The UK Infrastructure Bank has announced a £200 million loan to support the development of AESC’s gigafactory in Sunderland, North East of England. The project aims to strengthen the UK’s electric vehicle supply chain and boost the regional economy. The loan will support the construction of the 15.8GWh gigafactory, which is expected to create and support over 1,000 jobs once operational. The factory will produce lithium-ion batteries for next-generation electric vehicles manufactured in the UK, contributing significantly to the transition to net zero.