Monaco shipping company Scorpio has taken a stake in a UK start-up planning to build a 3.8 million battery ‘gigafactory’ in Northumberland.

The move represents a tie-up between battery manufacturers and the maritime sector, which is working on reducing its very substantial carbon footprint.

As reported by the Financial Times, Filippo Lauro, Scorpio’s vice-president, said the investment in Britishvolt would allow the company to work alongside the UK battery start-up to “further accelerate green propulsion” and examine power storage solutions for ships.

The size of the stake taken by Scorpio has not been disclosed. Other investors include Tritax, Abrdn and Glencore. The plant is due to open in 2023. It has already signed a letter of understanding with Aston Martin and Lotus.

PHOTO: Artist’s impression of the new ‘gigafactory’