The Tesla-Panasonic Gigafactory in Nevada, whose annual battery production has a total capacity of up to 30GWh. The new facility will produce roughly the same. Photograph: Bob Strong/Reuters

Two British startups have announced plans to invest as much as £4bn in building the UK’s first large-scale battery factory, in a move that could prove a major boost to the country’s struggling car industry.

AMTE Power and Britishvolt have signed a memorandum of understanding saying they will work together on plans for a plant to make lithium ion batteries, the key component in electric cars as well as energy storage products.

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