A UK-based company is looking to expand its battery exchange program with the British government.
The UK is the largest buyer of batteries from overseas.
The company, Oxford Exchange, is currently working with the Department for International Trade (DIT) to expand the program to include other countries.
The program is currently only available for UK-made batteries.
The Oxford Exchange team has raised $30 million to support the program.
Oxford Exchange plans to sell batteries to more than 200 countries around the world.
The government’s agreement with the company will help the exchange operate more efficiently, said CEO John Gorman.
“We will also be able to sell some of our batteries directly to the UK market,” Gorman said.
Oxford is working to build its battery marketplace on top of the Oxford Exchange network, and will soon launch an API that will allow companies to easily sell batteries.
Gorman also expects that other manufacturers will join the program soon.
The deal with Oxford is expected to take a few years to complete.
The U.K. government has invested $1.3 billion into Oxford Exchange since the program was created in March 2016.
Oxford was established by the University of Oxford in 2000 to bring batteries to market faster and more cheaply.
The plan is to use the funds to help Oxford exchange its surplus batteries for new ones, Gorman told Bloomberg.
Gomersons company is also working with several other companies in the U.S. and overseas to expand their battery exchange programs.
Oxford, for example, is working with three companies to open a new battery exchange in San Diego.
The first battery exchange opened in January.
The companies hope to sell more than 1.2 million new batteries a year.
Oxford’s current battery market is valued at $1 billion, and Gorman estimates that there are about 10 million surplus batteries left.
The current market is also growing rapidly, with the government set to raise $300 million to fund more battery exchanges.
Oxford says it expects to sell around 5 million surplus battery products by 2021.