Northvolt announced the signing of a $1.6 billion debt raise provided by a consortium of commercial banks, pension funds and public financial institutions, increasing the total amount of capital raised to date for development of factories and R&D investments to over $3 billion.
“The momentum for electrification is stronger than ever. Our customers need large volumes of high-quality batteries with a low CO2 footprint, and Europe must build a fully regionalized value chain to support them,” said Peter Carlsson, co-founder and CEO, Northvolt.
Since launching in March 2017 Northvolt has grown to more than 700 people and now employs over 70 different nationalities at its facilities in Sweden, Germany and Poland.
Northvolt Ett, with a potential annual output of 40 GWh, is under construction and scheduled for start of production in 2021. In parallel, the permitting process is underway for Northvolt Zwei, which is being established as a joint venture together with the Volkswagen Group and scheduled to commence operations in 2024 with a potential output of more than 20 GWh. Northvolt also has an operational battery systems factory in Gda?sk, Poland.
Northvolt targets a 25 percent market share in Europe by 2030, equaling approximately 150 GWh of commissioned annual production capacity. At this same time, Northvolt aims to secure 50 percent of its raw material requirements from recycled batteries. The recycling target will be achieved through establishing a full-scale recycling facility at Northvolt Ett.
Based in Stockholm, Sweden, Northvolt is a European supplier of sustainable, high-quality battery cells and systems. Founded to enable the European transition to a decarbonized future, the company has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint. Among Northvolt industrial partners and customers are ABB, BMW Group, Scania, Siemens, Vattenfall, Vestas and the Volkswagen Group. For more information visit
Northvolt was founded by two former Tesla executives who broke out on their own to build the gigafactory .
(Source and image: Northvolt)