Earlier in March the company announced the acquisition of the Silicon Valley-based startup company Cuberg. The plant in Sweden is expected to hit at least 32 gigawatt hours of production, thanks in part to backing by the Swedish pension fund firms AMF and Folksam and Ikea-linked IMAS Foundation, in addition to the big financial partners Volkswagen and Goldman Sachs. That means that the Volkswagen deal will eat up a significant portion of expanded product lines.įounded by Carlsson, a former executive at Tesla, Northvolt’s battery business was intended to leapfrog the European Union into direct competition with Asia’s largest battery manufacturers - Samsung, LG Chem and CATL.īack when the company first announced its $1 billion investment round, Carlsson had said that Northvolt would need to build up to150 gigawatt hours of capacity to hit targets for 2030 electric vehicle sales. Can solid state batteries power up for the next generation of EVs?īack in 2019, the company said that its cell manufacturing capacity could hit 16 gigawatt hours and that it had sold its capacity to the tune of $13 billion through 2030.
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