Standard Chartered supports new battery gigafactory in the UK with GBP1,036 million financing

13 May 2025, London – Standard Chartered announces GBP1,036 million in project financing for AESC, a manufacturer of lithium-ion batteries for electric vehicles, for the construction of a new 15.8 GWh Gigafactory in Sunderland, UK. This financing package is backed by UK Export Finance and the National Wealth Fund. This investment will enhance the UK’s electric vehicle supply chain and aims to deliver significant economic uplift to the region.

Standard Chartered acted as the Joint Structuring Bank and ECA Coordinator, Joint Underwriter, Mandated Lead Arranger and Original FX and IRS Hedging Bank for the transaction. The facility is structured as a Green Loan, in accordance with the Green Loan Principles.

This will be AESC’s second battery gigafactory in the UK. When completed, it will play a significant role in the decarbonisation of the UK automotive industry with initial capacity aimed to power up to 100,000 electric vehicles each year. The plant will ultimately be able to provide up to 15.8GWh battery supply when operating at full capability, representing an almost six-fold increase on current UK gigafactory capacity. The project will also have strong impact on the local economy with the creation of over 1,000 jobs.

Shoichi Matsumoto, CEO of Japanese headquartered AESC, said: “This investment marks a key milestone in AESC’s ongoing efforts to support the UK’s path towards decarbonisation and the expansion of its EV market. Through close collaboration with strategic partners, we strive to accelerate this transition while creating high-quality local jobs and building resilient, sustainable supply chain. We are honoured to contribute to the development of low-carbon economy with our advanced battery technologies.”

Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are proud to support this transformative UK project. The development of AESC’s new gigafactory will deliver significant economic benefits locally while supporting the development of zero-emission technology. This is more than an investment in infrastructure, it’s a commitment to innovation, UK economic growth and sustainability. Supporting the transition to net zero is deeply embedded in how we operate as a Bank, and this project reflects how we bring that to life by supporting clients on their own sustainability journeys.”

At Standard Chartered, we are committed to supporting the transition to a low-carbon economy. Our goal is to reach net-zero emission in our own operations by 2025 and across our financing by 2050. We aim to mobilise USD300 billion in sustainable and transition finance by 2030 to help clients on their journey. Find out more: sc.com/sustainability.

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For further information please contact:

Julien Moity
Senior Communications Manager
Standard Chartered
Tel: +44 7918 601617
Email: Julien.moity@sc.com

Standard Chartered

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