A new company to manufacture batteries for electric vehicles has been set up by Unipart Manufacturing Group and Williams Advanced Engineering, an offshoot of the Formula 1 racing team.

The joint venture is called Hyperbat and its new factory in Coventry is set to begin production in early 2019. The launch customer for Hyperbat batteries is the Aston Martin Rapide E.

The move has been welcomed by the business secretary Greg Clark as a significant step forward in the UK’s contribution to reducing carbon emissions.

He said: “Hybrid and electric vehicles will play a key part in Britain’s cleaner and greener future and this new high-tech facility – inspired by a government funded Advanced Propulsion Centre project – will develop new vehicle battery technologies and create high-skilled jobs in Coventry.

“Through the Industrial Strategy, the government is building on our world leading strengths in auto manufacturing and clean growth, making the UK the go-to place for these technologies and boosting the economic opportunities presented by our transition to a low-carbon economy.”

“Today marks a proud day as we bring together two innovative companies to deliver cutting edge technology that will literally power the future of sustainable transport in the UK and beyond,” said Craig Wilson, managing director of Williams Advanced Engineering.

“We are pleased to be working with Unipart, growing a new capability for our sector in this country for hybrid and electric vehicles, securing the on-shore supply chain for the long-term. Hyperbat will also deliver into high performance battery applications beyond automotive, delivering innovative technology and high value manufacturing, as well as jobs for the next generation workforce.”

Carol Burke, managing director of Unipart Manufacturing Group, said: “We are delighted to be working with Williams Advanced Engineering on this venture. We have developed an advanced manufacturing facility on our Coventry site – the very site in which the British auto industry produced some of its first petrol vehicles.

“It is fitting that this site will now provide clean, sustainable electric batteries that can be tailored to individual auto manufacturer’s requirements and available to a wide range of companies seeking to introduce electric vehicles into their ranges.”