Swedish lithium-ion battery producer Northvolt has raised $5 billion, firmly
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AI Customer ServiceNorthvolt, a battery manufacturer founded by former Tesla executive Peter Carlsson, plans to build a 32 GWh lithium-ion battery factory in Sweden. The company
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AI Customer ServiceNorthvolt, a battery manufacturer founded by former Tesla executive Peter Carlsson, plans to build a 32 GWh lithium-ion battery factory in Sweden. The company expects to reach this level of production by 2023, and aims to produce 8 GWh worth of battery capacity per year in 2020.
Both factories Northvolt Ett (set to be the largest battery-making factory in the world once fully operational in 2022) and Northvolt Labs, which collaboratively aim to have 150GWh of annual production by the end of the decade, use Sweden’s large amount of renewable hydroelectric power to produce cells as sustainably as possible.
In Sept. 2017, it announced that Switzerland’s ABB had signed a Memorandum of Understanding (MoU) to supply and support a new lithium-ion battery factory being built in Sweden by Northvolt. At that time, production was expected to begin in 2020. The following year then saw a flurry of financing announcements by Northvolt.
In what has been described as a European first, Northvolt announces that the first lithium-ion battery has rolled off the production line at its Swedish manufacturing facility in Skellefteå. The cell is of a prismatic cell format and came off the assembly line on Dec. 28. Image: Northvolt
Sweden has a unique position to establish large-scale battery production to support this transition with its clean and affordable energy, proximity to raw materials, and a strong industrial tradition deep in its DNA,” Carlsson, Northvolt’s CEO, and former chief procurement officer and head of supply chain at Tesla, said.
The Swedish startup, which was valued at US$12bn by investors in June 2021, currently leads European efforts to build a domestic supply chain for lithium-ion batteries, which are needed to power electric vehicles.
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