Tuesday, August 4, 2020

"Battery factory in northern Sweden raises $1,6 billion, signs deal with BMW"

From The Barents Observer:
The European car industry’s transition to electric power-trains, combined with financial institutions hunt for green projects, proves successful for Northvolt, which now says it targets a 25 percent market share in Europe’s battery production by 2030.

With an additional $1.6 billion in debt, Northvolt has to date raised over $3 billion to support the construction of its battery gigafactories in SkellefteƄ, Sweden, and in Salzgitter, Germany.
While construction of the German factory is slated for 2021, works are in full progress at the site outside SkellefteƄ in northern Sweden. The first large-scale manufacturing of lithium-ion battery cells will commence in 2021 with a planned annual capacity to ramp up to 32 GWh by 2024.
The $1.6 loans are raised through a consortium of commercial banks, pension funds and public financial institutions, Northvolt says in a news-release.

The boost in available cash comes as the company recently signed a €2 billion supply contract with the BMW Group. The German car producer will buy battery cells from the SkellefteĆ„ factory from 2024 to its growing selections of electric cars, like the new iX3 SUV and the forthcoming BMW i4 and all-electric versions of the 5 Series and 7 Series....

June 2019 
Batteries: Volkswagen Leads €886 Million Investment in Northvolt
September 2017 
More on Northvolt, ABB and the 'World's Greenest Battery'
September 2017 
ABB Teams up with Northvolt on Europe's Biggest Battery Plant
March 2017 
"An Ex-Tesla Exec’s $4.2 Billion Battery Battle With Musk"