Glencore and Britishvolt sign cobalt supply agreement

Glencore has announced that it has entered a long-term strategic partnership for the supply of responsibly sourced cobalt with Britishvolt, the UK’s foremost investor in lithium-ion battery cell technologies and associated R&D.

The partnership represents a major milestone for Britishvolt on its quest to assist vehicle OEMs on their roadmap to electrification. By securing one of the key battery ingredients from the Glencore cobalt brands, Britishvolt is significantly derisking its operation by obtaining long-term security of supply across its business.

• Glencore has also made an undisclosed investment in Britishvolt
• The deal highlights the need for strategic partnerships between raw material and battery producers on the roadmap to net-zero; with Environmental, Social and Governance a growing focus of investors
• Glencore to support Britishvolt’s recycling and recycled content ambitions

David Brocas, Head Cobalt Trader, Glencore, commented: “We are delighted to be partnering with Britishvolt, a pioneer in UK electric vehicle battery technology and production. The UK has a unique legacy of automotive innovation and Britishvolt’s ambition to power the next generation of mobility will add to this rich history.

“Our commitment to support our partners in meeting their requirements for essential battery ingredients is key to underpinning long-term supply agreements. As the mobility and energy transition accelerates, so does future demand for battery metals such as cobalt, copper and nickel. Glencore is already a leading producer and supplier of these metals, helping to underpin our ambition of achieving net zero total emissions by 2050.”

Orral Nadjari, Britishvolt CEO/Founder: “This is a huge step in the right direction for Britishvolt as we look to accelerate the transition to a low carbon society. By partnering with Glencore, we are locking in supply and derisking the project.

“At the very heart of our business is our core ESG Principles and Commitments. Cobalt is a key ingredient in electric vehicle batteries and knowing that we are being supplied with ethically produced, low-carbon cobalt is a signal to the market that we are living by our values.

“This strategic partnership aligns perfectly with our world-class ESG Principles, including applying best practice wherever possible as well as assessing labour, human rights and ethical procurement performance of our suppliers.

“We believe that to be a true pioneer in the battery cell manufacturing industry business must lead by example and ensure that its supply chains are as ethical, low carbon and sustainable as possible.”