• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Exclusive-Northvolt plots EV battery grab with $750 million Swedish lab plan

October 7, 2021 by David Barret Leave a Comment

October 7, 2021

By Helena Soderpalm and Supantha Mukherjee

STOCKHOLM (Reuters) – Northvolt plans to invest $750 million expanding its laboratory facility in Sweden, a top executive said, to meet soaring demand for lithium-ion batteries as carmakers go electric.

As it aims to take on major Asian players such as CATL and LG Chem, Northvolt said it would set up the “first R&D campus covering the entire battery ecosystem”.

Northvolt, which plans to start production this year at its gigafactory in Sweden’s Skelleftea, plans to build a new office in Vasteras, increase headcount there to at least 1,000 from 400, and create a centre for customers to experiment with battery technologies and electrification.

China is currently home to some 80% of lithium-ion cell production, but with demand soaring, capacity in Europe is set to expand quickly and Northvolt is targeting a 25% market share in Europe by 2030.

“The development in Vasteras is the funnel right now that will enable us to do that land grab,” Northvolt Chief Executive Peter Carlsson told Reuters, adding that this would require it to hire around 5,000 engineers within five years.

“I have some slide presentation on the very early concepts … we hadn’t chosen Vasteras then but we had a first budget of 80 million dollars,” Carlsson said in an interview.

European carmakers are looking to use batteries from Northvolt for their electric vehicles to rival those from Tesla, which is building its own factory in Germany.

Backed by Volkswagen, Scania, the European Commission and Spotify founder Daniel Ek, Northvolt has raised funding of more than $6.5 billion, with nearly $20 billion in orders from the biggest automakers.

A source said in June that its latest fundraising had valued Northvolt at $11.75 billion. Electric vehicle and related sectors have been a big draw for investors, who have driven up the valuations of pioneers such as Tesla and Lucid Motors.

(Reporting by Helena Soderpalm; Editing by Alexander Smith)

Source Link Exclusive-Northvolt plots EV battery grab with $750 million Swedish lab plan

David Barret
David Barret

Related posts:

  1. Indonesia records its lowest rate of positive coronavirus tests
  2. Oil down on stronger greenback, rising U.S. rig count
  3. FloBiz raises $31 million to scale its neobank for small businesses in India
  4. What a community means in the modern world of startups

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Have You Seen This Snake? Florida Wants Your Help Finding Rare Species Seen Once In 50 Years
  • Plague Confirmed In Lake Tahoe Area For First Time In 5 Years, California Officials Say
  • Supergiant Star Spotted Blowing Milky Way’s Largest Bubble Of Its Kind, Surprising Astronomers
  • Game Theory Promised To Explain Human Decisions. Did It?
  • Genes, Hormones, And Hairstyling – Here Are Some Causes Of Hair Loss You Might Not Have Heard Of
  • Answer To 30-Year-Old Mystery Code Embedded In The Kryptos CIA Sculpture To Be Sold At Auction
  • Merry Mice: Human Brain Cells Transplanted Into Mice Reduce Anxiety And Depression
  • Asteroid-Bound NASA Mission Snaps Earth-Moon Portrait From 290 Million Kilometers Away
  • Forget State Mammals – Some States Have Official Dinosaurs, And They’re Awesome
  • Female Jumping Spiders Of Two Species Prefer The Sexy Red Males Of One, Leading To Hybridization
  • Why Is It So Difficult To Find New Moons In The Solar System?
  • New “Oxygen-Breathing” Crystal Could Recharge Fuel Cells And More
  • Some Gut Bacteria Cause Insomnia While Others Protect Against It, 400,000-Person Study Argues
  • Neanderthals And Homo Sapiens Got It On 100,000 Years Earlier Than We Thought
  • “Womb Of The Universe”: Native American Tribal Elders Help Archaeologists Decipher Ancient Rock Art In Missouri Cave
  • 16,000-Year-Old Paintings Suggest Prehistoric Humans Risked Their Lives To Enter “Shaman Training Cave”
  • Final Gasps Of A Dying Star Seen Through A Record-Breaking 130 Years Of Data
  • COVID-19 “Vaccine Alternative” Injection Could Be On Fast-Track To Approval From FDA
  • New Jersey Officials Investigate Possible First Locally Acquired Malaria Case Since 1991
  • First-of-Its-Kind Bright Orange Nurse Shark Recorded Off Costa Rica Makes History
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version