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Siemens Invests €10 million in Northvolt Battery Start-up
Siemens AG has agreed to invest €10 million ($12 million) in Swedish start-up Northvolt AG to help the company automate production of battery cells for electric cars.
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Siemens AG has agreed to invest €10 million ($12 million) in Swedish start-up Northvolt AG to help the company automate production of battery cells for electric cars.
Siemens’ digital factory unit will develop and help apply software for manufacturing and the supply chain to support Northvolt’s planned $4 billion battery factory in Skelleftea, Sweden. The facility aims to have annual capacity in place by 2023 to supply cells representing 32 gigawatt-hours of energy—enough to power about 450,000 EVs.
Northvolt was launched, initially under the name SGF Energy, in 2016 by two former Tesla Inc. executives. The company aims to combat the near-monopoly on EV batteries currently held by Asian producers.
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