Northvolt to build new battery factories for electric cars in Europe

The company specializing in the development and construction of batteries for electric cars has announced in recent hours the obtaining the rest of 1,100 million dollars of foreign investment to expand its network of battery cell factories in Europe. In this way, the firm will be able to support the demand for these components with a greater capacity, to respond to the increase in sales of electric cars that is expected for the coming years.

This investment of more than one billion dollars has come from 15 major companies in the automotive and financial industry; among them are some as relevant as the Volkswagen Group, ATP, Goldman Sachs or OMERS Capital Markets, among others.

Peter Carlsson, co-founder and CEO of Northvolt, has confirmed his enthusiasm and appreciation for it, as well as the trust placed in the company by specialized companies and investors and partners from all over the planet. The director himself affirmed that this relevant economic support will be of vital importance to continue working on the development of “the most ecological battery in the world”as they have promised on numerous occasions.

After this last billionaire investment became effective, Northvolt has been made since 2017 with a total of 8 billion dollars in capitalization and debt in order to meet the deadlines and projects already presented by the company. Among its plans are establishing a supply of sustainable batteries, as well as being able to intensify the manufacture of these essential components for electric cars and the contribution to the decarbonisation of the planet.

Currently, the company is immersed in the development of the capacity to manufacture batteries for electric cars in order to meet the orders placed by brands of enormous importance in the sector, such as BMW, Scania, Volvo or the Volkswagen Group, among others. others. These orders have a total value of about 55,000 million dollarsso its economic relevance is enormous.

Northvolt’s business project fully embraces the value chain around batteries; from obtaining raw materials, through the production of these components, as well as their recycling once they have completed their useful life. In its long-term vision it is established that, at least, 50% of the raw materials obtained for the manufacture of new batteries in 2030 come from extraction from recycled components.

The co-founder of Northvolt stated during his presentation after obtaining these new funds, that political decisions, the commitment of customers with the transition to electrification and the rapid increase in demand for cleaner and more efficient products, has meant “a perfect storm” for the electrification industry, something that has only just begun and which, of course, is expected to increase in the coming years. For this reason, support for these companies that aspire to be of vital importance in the short-medium term is so relevant.

Northvolt is already making deliveries of its battery cells manufactured at its gigafactory in Skellefteå, Sweden. Currently, the company has more than 1,800 employees and, in the coming months, they expect the incorporation of 150 more people to support their next projects, such as the construction of new factories in Europe or the increase in the production of components.

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