VW enters partnership with Swedish battery maker Northvolt
Northvolt, a Swedish car battery maker, announced on Wednesday that it had raised $1 billion (€900 million) in cash to finance the construction of Europe’s biggest car battery manufacturing facility.
German automaker Volkswagen (VW) will be one of Northvolt’s primary investors, though neither company disclosed how much VW had committed to financing.
The company’s Swedish factory, located in northeastern Skelleftea, will be the largest in Europe when it begins production in 2021. Beyond VW, other investors in the Skelleftea factory include the bank Goldman Sachs, German automaker BMW, and the Swedish pension fund AMF.
Northvolt also secured a €350 million loan from the European Investment Bank for the project in May.
The factories are intended to compete with US manufacturer Tesla’s Gigafactory in Nevada, and Asian manufacturers gearing up to serve the European market.
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