From MarketWatch
Volkswagen and Goldman Sachs-backed Northvolt snaps up Silicon Valley’s Cuberg in EV battery race
Swedish battery maker Northvolt has snapped up Cuberg to gain access to the Silicon Valley startup’s technology, which will boost the energy density and range of electric-vehicle batteries.
Northvolt, which was founded by former Tesla employee Peter Carlsson in 2016 and is 40% owned by Volkswagen Group said Cuberg’s batteries would be deployed in electric aircraft within three years, and in cars by 2025.
Carlsson said that the acquisition would help Northvolt improve both performance and safety while driving down cost for next-generation battery cells.
“This is critical for accelerating the shift to fully electric vehicles and responding to the needs of the leading automotive companies within a relevant time frame,” he said in a statement on Wednesday.
Terms of the deal weren’t disclosed.
The deal comes amid a global race to produce the most powerful and efficient batteries for a fast growing market of electric-vehicle manufacturers. European car makers are scrambling to invest in battery technology for the next generation of electric vehicles that will allow them to compete against Tesla and Chinese rivals like NIO XPeng and BYD
UBS projects that electric vehicles will have completely penetrated the automobile market by 2040, with batteries representing the main cost down driver for EVs.
Analysts at the Swiss bank predict that the required battery cell supply to meet this demand will result in global shortages by 2025, with battery manufacturers LG Chem and Contemporary Amperex Technology Co. Limited, or CATL poised to benefit. Northvolt’s location in Europe — the second-largest market for electric vehicles after China — makes it a prime challenger for LG Chem and CATL....
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This follows on last months news that Northvolt is spending $200 million to expand their Polish plant into Europe's largest.
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