Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


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)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts