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Energy Storage

Northvolt raises $600 million to make batteries

by Alex Scott
October 3, 2020 | APPEARED IN VOLUME 98, ISSUE 38

 

Northvolt, a Swedish start-up that wants to become the world’s greenest lithium-ion battery producer, has raised $600 million from investors that include the vehicle makers Scania and Volkswagen. The money will support Northvolt’s plan to open a major battery plant in Skellefteå, Sweden, in 2021 and another in Salzgitter, Germany, in 2024. Their combined capacity will meet a quarter of European demand, Northvolt says. The firm will use some of the money to double the size of its R&D labs and establish a major battery recycling facility.

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