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Sweden Invests in Northvolt Battery Factory Demo Project
The Swedish Energy Agency has agreed to spend as much as 146 million kronor ($18 million) to help build a pilot production line for the giant battery factory envisioned by Northvolt AB.
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The Swedish Energy Agency has agreed to spend as much as 146 million kronor ($18 million) to help build a pilot production line for the giant battery factory envisioned by Northvolt AB.
The grant will go to Northvolt Labs in Vasteras. The startup has been pursuing $95 million with which to demonstrate its battery technology and production methods to would-be investors.
Northvolt hopes to build a $4.7 billion lithium-ion battery factory in Skelleftea, Sweden, that by 2023 would be able to produce 32 gigawatt-hours of energy capacity annually. That level of output would be sufficient to power about 450,000 electric vehicles.
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