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Swedish Startup Readies Fundraiser for Giant EV Battery Cell Plant
Northvolt AB, a Stockholm-based battery maker, is preparing a fundraising effort to build a €4 billion ($4.5 billion) factory in Sweden with capacity to make 32 gigawatt-hours of battery cells per year.
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Northvolt AB, a Stockholm-based battery maker, is preparing a fundraising effort to build a €4 billion ($4.5 billion) factory in Sweden with capacity to make 32 gigawatt-hours of battery cells per year.
The 2-year-old company plans a “partnership” round of funding this autumn to attract €100 million ($118 million), Bloomberg News reports. A second round would aim to raise at least €1.2 billion ($1.4 billion), which would enable construction to begin.
The company signaled its plan to the Financial Times in March. Co-founders Peter Carlsson, now CEO, and Paolo Cerruit, chief operating officer, say their mission is to counter today’s “near-monopoly” on EV batteries by Asian companies.
Carlsson confirms to Bloomberg that the company aims to begin delivering cells by 2020 and be fully operational three years later. He says the plant, which would be similar in capacity to Tesla Inc.’s 35 GWh factory in Nevada, will be erected near Skelleftea or Vasteras.
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