NorthVolt raises $1.6bn for European battery gigafactories : Page 2 of 2

July 30, 2020 //By Nick Flaherty
NorthVolt has raised $1.6bn to build tow battery gigafactories in Europe, bringing the total investment to $3bn.
NorthVolt has raised $1.6bn to build tow battery gigafactories in Europe, bringing the total investment to $3bn.
true cornerstone of that process.”

The company has deals with Volkswagen and BMW to supply batteries for electric vehicles. “The momentum for electrification is stronger than ever. Our customers need large volumes of high-quality batteries with a low CO2 footprint, and Europe must build a fully regionalized value chain to support them,” said Peter Carlsson, co-founder and CEO, Northvolt.

Northvolt Ett in Sweden is scheduled to start production next year with a capacity of 16GWh, rising to a total of 40GWh. The planning process is underway for Northvolt Zwei, which is a joint venture together with the Volkswagen Group and scheduled to commence operations in 2024 with a potential output of more than 20 GWh. Northvolt also has an operational battery systems factory in Gdańsk, Poland.

The company aims to supply a quarter of batteries in Europe by 2030, which would need production of 150 GWh each year which shows the scale of the challenge. It also aims to secure 50 percent of its raw material requirements from recycled batteries through a full-scale recycling facility at Northvolt Ett.

www.northvolt.com

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