Northvolt and Volvo reveal joint venture EV battery gigafactory plans
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Northvolt said recently it had raised $2.75bn in equity to expand planned annual production capacity at Northvolt Ett.
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Northvolt today announced plans for a 50-50 joint venture with the Volvo group to develop batteries for the next generation of pure-electric Volvo and Polestar cars.
The planned new business intends to establish a gigafactory at a yet-to-be-decided site in Europe – with a potential annual capacity of up to 50 GWh and starting production in 2026.
The gigafactory is expected to be powered by "100% clean energy” and employ around 3,000 people.
An R&D; centre is set to be opened by the partners in Sweden next year as a "first step” toward their production plans.
Meanwhile, Volvo expects to source 15 GWh of battery cells each year from Northvolt’s Ett lithium-ion battery plant in Skellefteå, Sweden, starting in 2024.
Customer focus
Volvo Cars CTO Henrik Green said: "With cells developed in-house for our electric cars, we can focus on giving Volvo and Polestar customers what they want, such as range and short charging times.”
The joint development plans are still subject to final approval by both companies. Volvo, which also has partnership arrangements with Chinese EV battery giant Contemporary Amperex Technology, will say more about its future technology roadmap later this month.
Northvolt announced earlier this month that it had raised $2.75bn (£1.9bn) in equity to expand planned annual production capacity of the Northvolt Ett plant from 40 GWh to 60 GWh, in a move to meet accelerating demand for electric vehicles and boost R&D.;
Related articles in our archive:
Northvolt raises $2.7bn to expand gigafactory production in Sweden
The planned new business intends to establish a gigafactory at a yet-to-be-decided site in Europe – with a potential annual capacity of up to 50 GWh and starting production in 2026.
The gigafactory is expected to be powered by "100% clean energy” and employ around 3,000 people.
An R&D; centre is set to be opened by the partners in Sweden next year as a "first step” toward their production plans.
Meanwhile, Volvo expects to source 15 GWh of battery cells each year from Northvolt’s Ett lithium-ion battery plant in Skellefteå, Sweden, starting in 2024.
Customer focus
Volvo Cars CTO Henrik Green said: "With cells developed in-house for our electric cars, we can focus on giving Volvo and Polestar customers what they want, such as range and short charging times.”
The joint development plans are still subject to final approval by both companies. Volvo, which also has partnership arrangements with Chinese EV battery giant Contemporary Amperex Technology, will say more about its future technology roadmap later this month.
Northvolt announced earlier this month that it had raised $2.75bn (£1.9bn) in equity to expand planned annual production capacity of the Northvolt Ett plant from 40 GWh to 60 GWh, in a move to meet accelerating demand for electric vehicles and boost R&D.;
Related articles in our archive:
Northvolt raises $2.7bn to expand gigafactory production in Sweden