Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
on lots of electric trucks. . .Grand Highlander. . .atomically analyzing additive. . .geometric designs. . .Dodge Hornet. . .
EVs slowdown. . .Ram’s latest in electricity. . .the Grand Highlander is. . .additive at the atomic level. . .advanced—and retro—designs. . .the Dodge Hornet. . .Rimac in reverse. . .
