Northvolt

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Northvolt AB
TypeAktiebolag
Founded2016; 5 years ago (2016) (as SGF Energy)
FounderPeter Carlsson
Paolo Cerruti
Harald Mix
Carl-Erik Lagercrantz
Headquarters
Stockholm
,
Sweden
Key people
Carl-Erik Lagercrantz (Chairman of the Board)
Peter Carlsson (CEO)
ProductsLithium-ion batteries
Websitewww.northvolt.com

Northvolt AB is a Swedish battery developer and manufacturer, specializing in lithium-ion technology for electric vehicles.[1]

History[]

The company was founded as SGF Energy in 2015 by (now chief executive), who was formerly an executive at Tesla Motors.[2][3][1] In 2017, the company changed its name to Northvolt.[4] It was founded with the aim to supply the automotive industry with electric vehicle batteries.[2][5] In May 2019, the European Investment Bank offered a loan of 3.5 billion SEK (about €350 million).[2] Maroš Šefčovič, the European Commissioner for Energy at the time, said that "I welcome the significant support proposed by the EIB to Northvolt gigafactory as a stepping-stone towards building a competitive, sustainable and innovative value chain, with battery cells manufactured at scale, here, in Europe."[3]

In June of the same year, companies such as the BMW Group, Volkswagen Group, Goldman Sachs and Folksam announced that they would invest in the company. In total, the investments amounted to 1 billion US dollars, framed as a way to challenge what was reported as the dominance of Tesla, Inc. and Asian companies such as Toyota and Nissan on the market for electric vehicle batteries.[6] The company started building a battery factory in Skellefteå, Sweden, with the aim to start production of electric vehicle batteries in 2021.[2] In 2019, Volkswagen and Northvolt announced that a second factory would be built in Salzgitter, Germany, aiming to start production in 2023–2024. The aim was to start production at 16 GWh, and increase it to 24 GWh. In May 2020, Volkswagen announced that it would build the factory largely on its own, and invest 450 million euros in the construction.[2] On 16 July 2020, it was announced that Northvolt and BMW had signed a deal of 2 billion euros, for Northvolt to deliver batteries starting from 2024.[7]

On 30 July 2020, a €350 million loan was issued to Northvolt by the European Investment Bank with the backing of the European Union’s InnovFin programme to build a demonstration line for a new type of battery which it started producing at the end of 2019. As part of the Investment Plan for Europe, Northvolt received a $350 million loan for its Skellefteå factory from the EIB, using the guarantee of the European Fund for Strategic Investments.[1]

News website EURACTIV stated in an article that "Northvolt is quickly building a reputation as the EU’s go-to company for home-grown batteries."[5] On the same day, it was announced that Northvolt had been issued loans amounting to $1.6 billion USD from a consortium of commercial banks, pension funds and other financial institutions.[8]

Manufacturing sites[]

Northvolt is building a factory in Skellefteå, northern Sweden, and another one in Salzgitter, Germany, as part of Northvolt's plan to increase production capacity of 32 gigawatt-hours by 2023.[1] Its headquarters for research and development is in Västerås, Sweden.[8]

Construction of the first factory in Skellefteå, June 2021.

The opening of a factory in Skellefteå was said to potentially transform subarctic Sweden, and dramatically change the city. It was however said that it could be a potential risk with shortage of qualified labour in the region.[9] The factory will be the largest in Swedish history creating challenges for newcomers and the existing community.[10]

References[]

  1. ^ a b c d "Swedish company gives jolt of energy for electric car battery tech". European Investment Bank. Retrieved 19 August 2020.
  2. ^ a b c d e Teknik, TT / Ny. "Klart: Northvolt börjar bygga i augusti". Ny Teknik (in Swedish). Retrieved 30 July 2020.
  3. ^ a b "Grönt ljus för miljardladdat Northvolt". Sydsvenskan (in Swedish). Retrieved 30 July 2020.
  4. ^ "About". Northvolt. Retrieved 26 August 2019.
  5. ^ a b Kreslova, Evgeniia (1 March 2019). "The world's greenest battery". investEU – European Commission. Retrieved 30 July 2020.
  6. ^ Milne, Richard (12 June 2019). "VW and Goldman lead $1bn investment in Swedish battery project". Financial Times. Retrieved 30 July 2020.
  7. ^ Brändström, Maria (1 July 2020). "Northvolt tecknar miljardavtal med biljätte". SVT Nyheter (in Swedish). Retrieved 30 July 2020.
  8. ^ a b TT (2 July 2020). "Miljardlån till Northvolt". SVT Nyheter (in Swedish). Retrieved 30 July 2020.
  9. ^ Duxbury, Charlie (2 August 2019). "Battery venture could transform sub-Arctic Sweden". POLITICO. Retrieved 30 July 2020.
  10. ^ Orange, Richard. (26 December 2020). "Battery gigafactory energises the frozen north". The Telegraph website Retrieved 27 December 2020.
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