Business & Investment

Exclusive-Northvolt plans EV battery grab with Reuters’ $ 750 million Swedish lab project

© Reuters. File Photo: The Northvolt logo was posted at the Northvolt office in Stockholm, Sweden, on June 14, 2018. REUTERS / Esha Vaish

By Helena Soderpalm and Supantha Mukherjee

Stockholm (Reuters)-Northbolt invests $ 750 million to expand Swedish laboratory facilities to meet the surge in demand for lithium-ion batteries as automakers use electricity The top executive said he was planning.

Northvolt said it would set up “the first R & D campus to cover the entire battery ecosystem” as it aims to take on major Asian players such as CATL and LG Chem.

Northbolt, which will begin production at the Gigafactory in Skelefteo, Sweden, will build a new office in Västerås this year to increase its workforce from 400 to over 1,000 and allow customers to try out battery technology and electrification. I am planning to create a center.

China currently accounts for about 80% of lithium-ion battery production, but due to the surge in demand, Europe’s production capacity is expanding rapidly, and Northvolt is a 25% market share in Europe by 2030. We are aiming for share.

“Development in Västerås is currently a goal-achieving process that enables land acquisition,” Northbolt CEO Peter Carlsson told Reuters, about 5,000 within five years. He added that he needed to hire a human engineer.

“I’m giving some slide presentations on a very early concept … I didn’t choose Västerås at the time, but my initial budget was $ 80 million,” Carlsson said in an interview. rice field.

European automakers are trying to use Northbolt batteries in their electric vehicles to match the batteries of Tesla (NASDAQ :), which is building its own plant in Germany.

With the support of Volkswagen (DE :), Scania, the European Commission and Daniel Ek, the founder of Spotify (NYSE :), Northbolt has raised more than $ 6.5 billion from the largest automaker. Orders amount to nearly $ 20 billion.

According to one source, the latest funding in June was worth $ 11.75 billion in Northbolt. Electric vehicles and related sectors have become a major attraction for investors who have boosted the reputation of pioneers such as Tesla and Lucid Motors.

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Exclusive-Northvolt plans EV battery grab with Reuters’ $ 750 million Swedish lab project Exclusive-Northvolt plans EV battery grab with Reuters’ $ 750 million Swedish lab project

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