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The UK's first so-called battery gigaplant could create 3,000 jobs at the site of a demolished coal-fired power station in Northumberland.
Britishvolt had previously announced plans to produce lithium-ion batteries for electric cars in
the Vale of Glamorgan
, only for differences over timescales with local authorities to scupper the project.
The company said on Friday it had secured the 95-hectare former power station site in Blyth and was about to submit its planning application with the support of the local county council's development arm and MP.
Image:The company had signed a memorandum of understanding amid its earlier interest in the former RAF base at Bro Tathan
Britishvolt said it hoped to break ground next summer and begin battery production in 2023 using renewable energy.
This could be hydro-electric power delivered via North Sea cables from Norway, it added.
Its original plan for the South Wales plant had involved solar power.
The company said the £2.6bn investment secured so far, which includes private investment, was subject to additional backing from the UK government's Automotive Transformation Fund.
The Fund is aimed at boosting the drive to electric vehicles.
It was announced last month that the sale of new petrol and diesel-powered cars had been brought forward again and now
banned from 2030
.
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In addition to the 3,000 permanent jobs at the plant, Britishvolt said 5,000 more would be grown in the supply chain as the climate agenda gathers speed.
It said the plant formed one of the "key pillars" of Boris Johnson's ten-point plan for the UK's green recovery in the wake of Brexit and the
COVID
crisis and wider 2050 net zero climate target.
Chief executive Orral Nadjari said: "Now we can really start the hard work and begin producing lithium-ion batteries for future electrified vehicles in just three years.
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"It is crucial for the UK automotive industry and for the entire economy that we are able to power the future. The sooner we start, the better."
Ian Levy, MP for Blyth Valley, said: "I can't think of anything comparable in the North East since Nissan invested in Sunderland more than 35 years ago."
He added: "These jobs will not only return the area to the status of an industrial powerhouse but will help us retain our graduates and provide a huge boost to struggling high streets."
