Volvo wants its giant battery factory in Europe
Volvo wants to establish its own battery factory in Definitely, Northvolt greatly appeals to the automotive industry. The Swedish company (founded only in 2016!) specialized in cells and...
23/11/2021
Volvo wants to set up its own battery factory in
Decidedly, Northvolt greatly appeals to the automotive industry. The Swedish company (founded only in 2016!) specializing in cells and batteries, should raise nearly 13 billion dollars in investments by 2030. In five years, the little one has become a monster, discreet, but effective.
Goldman Sachs, the IMAS Foundation, AMF, but especially BMW and Volkswagen Group more recently, companies have not bet their money on this company by chance. Manufacturers are hoping for strong returns on investment, and in particular a better position to produce batteries in Europe.
From now on, it is Volvo which announces that it wants to create a joint venture with Northvolt for the construction of a factory producing 50 GWh of batteries per year from 2026. Before that, there will be an intermediate stage with 15 GWh of batteries which will be purchased from Northvolt's Skelleftea plant, jointly operated by Northvolt... and Volkswagen Group. The latter, who is the largest investor in Northvolt, "owns" 40 of the 60 GWh of production at this plant, and a dominant position within the capital of the Swedish company.