Showing posts sorted by relevance for query Northvolt. Sort by date Show all posts
Showing posts sorted by relevance for query Northvolt. Sort by date Show all posts

Friday, January 31, 2025

Batteries: Sweden's Northvolt Scrambles To Avoid Liquidation

The company is already in reorganization.

From Reuters, January 31

Exclusive: Scania tries to breathe life into troubled EV battery maker Northvolt 

  • Scania is supporting Northvolt's operations in Sweden
  • Scania staff heavily involved in day-to-day running of Northvolt Ett plant, documents
  • Northvolt faces financial struggles, needs $1.29 bln to overhaul, sources
  • Northvolt filed for Chapter 11 after financing talks collapsed
STOCKHOLM, Jan 31 (Reuters) - Truckmaker Scania has stepped in to help Northvolt with the day-to-day running of its flagship plant in northern Sweden, a last-ditch effort to boost quality and output at the struggling electric vehicle battery maker as it scrambles to secure funds.
Since November, Scania has sent members of staff to Northvolt's Ett plant in Skelleftea, 200 kilometres below the Arctic Circle, according to internal Northvolt documents reviewed by Reuters that outline Scania's support strategy for the green tech player. The plant employs some 2,500 people.

Four Northvolt workers told Reuters they had seen Scania employees, identifiable by an orange visitor armband, inside the factory in recent months, with one saying this was happening as late as this week.
 
Scania acknowledged to Reuters that it was assisting with the production ramp-up and that it had sent staff to the Northvolt Ett plant for a period, but declined to provide further comment.
 
Under the support plan, which has not been reported, each Scania staff member is to be paired with a Northvolt shift manager or team leader to "coach" teams while "simultaneously helping to drive improvements and implement standards", an internal presentation dated early November read....

....MUCH MORE

And from Reuters via MSN, January 29:

STOCKHOLM (Reuters) - Volvo Cars has signed an agreement to buy struggling Swedish battery maker Northvolt's stake in their joint battery venture NOVO Energy, the Sweden-based automaker said on Wednesday, without disclosing the price.

Volvo Cars and Northvolt, which is under bankruptcy protection, formed the joint venture in 2021 to build a battery factory in Gothenburg on Sweden's west coast. The carmaker said in October it would need a new partner to keep plans for the factory on track....

....MUCH MORE  

If interested see also:

So far it's compartmentalized but the parent company is also facing financing and sales problems, more after the jump....
***
...There was a reason we titled September 5's post "Portents" - "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months". It was a sign of things to come, including September 25's Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"

Batteries: Sweden's Northvolt Has Hired A Restructuring Expert 

"Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan"

The electric vehicle business is not an easy one.

Tuesday, October 8, 2024

Batteries: "Northvolt says subsidiary files for bankruptcy after project pulled"

So far it's compartmentalized but the parent company is also facing financing and sales problems, more after the jump.

From Reuters, October 8:

Sweden's Northvolt said on Tuesday that one of its subsidiaries had filed for bankruptcy after the project it was developing was cancelled, while the rest of the cash-strapped battery making group continued to consolidate operations.

"All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee," Northvolt said.
The Northvolt unit had been responsible for a planned tripling of capacity at the group's gigafactory in northern Sweden, but its board last month cancelled the project.
 
Northvolt said in September it would slim down and cut jobs, sparking fears that Europe's best shot at a home-grown electric vehicle battery champion may stall due to production problems, sluggish demand and competition from China.
 
"Northvolt Group continues to be in dialogue with stakeholders for continued cooperation within Northvolt Group's ongoing operations," the company added in a statement....
....MUCH MORE
Also at Reuters, October 2 - "Northvolt's $1.5 billion funding guarantee on hold, Swedish debt office says"'

Bloomberg, October 2 - "BMW Rules Out Investing in New Northvolt Funding Round"

And via Yahoo Finance, October 5 - "Northvolt’s Funding Travails Hit Battery Projects from Germany to Canada"

Finally Forbes, October 5 - "Sweden’s Environmental Minister Reiterates No Bail Out For Northvolt"

There was a reason we titled September 5's post "Portents" - "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months". It was a sign of things to come, including September 25's Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"

Thursday, December 30, 2021

Batteries: Northvolt's Swedish Gigafactory Comes to Life

 From UPI (also on blogroll at right), December 29:

Northvolt produces first lithium-ion battery in Sweden

The Swedish battery company Northvolt said Wednesday it has produced its first lithium-ion battery, in an effort to rival battery leaders like Tesla in the United States and others in Asia.

Northvolt officials said the battery was the first fully designed, developed and assembled at its "gigafactory" in Skelleftea, Sweden. The battery factory was valued in June by investors at $12 billion and employs more than 500 workers. 

"Today is a great milestone for Northvolt, which the team has worked very hard to achieve," Peter Carlsson, CEO and co-founder of Northvolt said in a statement....

....MORE

Previously: 

"Can Northvolt solve Europe’s impending electric car battery problem?"

Northvolt has some big investors. 

August 2020
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"

Sunday, October 16, 2022

Tech Hubs: Sweden's "Sustainability Valley"

First up, BloombergBusinessweek, October 11:

A New Silicon Valley Emerges at the Arctic Circle
Dozens of Swedish startups are working on clean-energy mobility, creating what some call “Sustainability Valley.”

Just below the Arctic Circle, a vast factory owned by Northvolt AB churns out electric-vehicle batteries for Europe’s biggest automakers. On Sweden’s west coast, four-year-old Heart Aerospace AB is building an electric plane ordered by United Airlines and Air Canada. And in Stockholm, startup X Shore AB has developed a $99,000 battery-powered vessel it says heralds a “Tesla moment” for leisure boating.

These companies and dozens more make Sweden a thriving hub for innovations in greener transportation, with the most tech investment per capita in Europe. A skilled workforce, abundant investment capital for climate projects, and ample supplies of renewable energy have helped the country of 10 million become a leader in clean-technology startups. “A couple of years ago we only had legacy companies,” says Anders Forslund, Heart’s chief executive officer. “Now we have an ecosystem of startups pushing the established companies forward.”
*****
Heart, which counts a Bill Gates-backed fund among its investors, plans to set up a factory at an airfield near Gothenburg. It has more than 230 orders from three airlines for a 30-seat, battery-powered aircraft that it aims to start delivering by 2028. H2 Green Steel in July won a permit to build a $4 billion mill using renewable electricity in the northern city of Boden, part of a push to decarbonize one of the most energy-intensive industries. Einride AB is developing electric trucks near Gothenburg for vegan milk producer Oatly Group AB. In June, Einride—backed by Soros Fund Management—got regulatory approval to test a driverless delivery vehicle on public roads in the US....
 
And from FastCompany, October 14: 
 
Inside one company’s journey to revolutionize how electric vehicles are made
From battery mining to manufacturing, producing electric vehicles is extremely carbon intensive. A Swedish company wants to show it can be done better.

Last October, when Volvo unveiled what it called the world’s first electric vehicle made of fossil-free steel, it underwhelmed some who’d been eager for the drop. Though the majority was made from green steel—from hydrogen power and not coal—some parts of the vehicle were made from traditional steel, including the electric motor.

The rollout suggested that it will take a lot of work before even a single component in a vehicle can be fossil free, and that even the big, legacy car companies are taking slow, incremental steps toward fully decarbonizing.

 But one electric motorbike maker isn’t going the incremental route. The Swedish company Cake has the ambitious goal to produce an almost entirely fossil-free electric vehicle by 2025, which would be the cleanest of its kind. Though EVs are cleaner in the long run, their production emits far more carbon than its gas counterparts. For Cake, producing the off-road dirt bike will require cutting carbon out of a number of processes, from lithium mining, to transportation, to manufacturing, which will take time and collaboration with various partners. The bike won’t—and, realistically, can’t—be entirely fossil free. Rather, the goal is to share its wins and losses with other players in the transportation industry and show how getting close to zero carbon is ultimately possible.

The process will be one of trial and error, says Stefan Ytterborn, Cake’s founder and CEO, and transparency will be key. The project will be completely open source, and Cake will report its progress every six weeks to show its fellow vehicle manufacturers, and even competitors, both its successes and challenges. “We’re inviting the industry to look into what we’re doing in terms of success and failures,” he says.

Ytterborn is frank that the bike won’t be completely fossil free. “Just by being human beings, we will never be able to achieve 100% decarbonizing,” he says. Cake’s current off-road bike, the Kalk, on which the 2025 version will be modeled, emits about 1,186 kilograms (about 2,615 pounds) of carbon during production, which Cake calculates is about 20 times more than the production of a kilogram of beef, and about 30 times less than that of a midsize electric car. The plan is to drive that number down step by step. Getting to 75% to 80% fossil-free would be “a meaningful difference,” he says.....

....MUCH MORE

Most of our focus has been on batteries but I see we haven't posted on Northvolt in ten months:  
Thursday, December 30, 2021
Batteries: Northvolt's Swedish Gigafactory Comes to Life
From UPI (also on blogroll at right), December 29:
Northvolt produces first lithium-ion battery in Sweden

The Swedish battery company Northvolt said Wednesday it has produced its first lithium-ion battery, in an effort to rival battery leaders like Tesla in the United States and others in Asia.

Northvolt officials said the battery was the first fully designed, developed and assembled at its "gigafactory" in Skelleftea, Sweden. The battery factory was valued in June by investors at $12 billion and employs more than 500 workers. 

"Today is a great milestone for Northvolt, which the team has worked very hard to achieve," Peter Carlsson, CEO and co-founder of Northvolt said in a statement....

....MORE

Previously: 

"Can Northvolt solve Europe’s impending electric car battery problem?"

Northvolt has some big investors. 

August 2020
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"

Monday, June 24, 2019

Batteries: Volkswagen Leads €886 Million Investment in Northvolt

From EU-Startups, June 14:

Volkswagen leads €886 million investment in Northvolt to power Europe with its gigafactory for lithium-ion batteries
The future will require sustainable batteries to store renewable energy, and lots of them. Stockholm-based Northvolt has taken the lead, and has just announced a capital raise of €886 million to build Europe’s first gigafactory for lithium-ion battery cells, Northvolt Ett, in SkellefteĆ„, Sweden. This comes just a month after securing a €350 million loan from the EIB for the project, and represents another milestone for Europe as a leader in renewable energy. It is also the largest equity round in a European startup since Softbank’s investment in the Swiss biotech Roivant Sciences in 2017.
The funding round was led by the Volkswagen Group and Goldman Sachs, alongside the BMW Group, AMF, Folksam Group and IMAS Foundation.

Northvolt was founded in 2016 with the mission to build the world’s greenest battery cell, recyclable and with a minimal carbon footprint, to enable Europe’s transition to renewable energy. The lithium-ion battery systems being developed by the company range from small to large – enough to power a car, a house, or entire grids – and use data to track customer field usage patterns and to continuously improve design, performance, manufacturing, and more.

“Today is not only a great milestone for Northvolt, it also marks a key moment for Europe that clearly shows that we are ready to compete in the coming wave of electrification, and that we will do so using battery cells which carry the lowest CO2 footprint possible,” said Peter Carlsson, co-founder and CEO of Northvolt.

Building construction on the gigafactory in SkellefteĆ„ will begin this August, with large-scale production expected to begin in 2021. Northvolt Ett will serve as Northvolt’s primary production site, hosting active material preparation, cell assembly, and recycling. The gigafactory will be expanded to produce at least 32 GWh worth of energy capacity annually – roughly equivalent to 16x the energy output of the Hoover Dam, and about 10x more than America’s largest coal plant. 
Now, in cooperation with Volkswagen, the company has also announced plans to establish a second gigafactory in Lower Saxony, Germany....MORE
Related: 
May 26 
May 9
November 2018 
Watch out Elon—VW to convert three German plants to build electric cars
November 2017
"Google and VW partner on quantum computing to improve electric car batteries"  
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"
December 2016 
Tesla's European Gigafactory to Produce Cars, Batteries (TSLA)
Of course this doesn't happen unless the company can raise some serious money.
$3 to $12 billion serious.... 

Thursday, March 11, 2021

Batteries: Swedish Lithium Ion Specialist Northvolt Buys Silicon Valley Lithium Metal Startup Cuberg

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....

....MUCH MORE

This follows on last months news that Northvolt is spending $200 million to expand their Polish plant into Europe's largest. 

Previously on Northvolt:  
August 2020

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"

 

 

Wednesday, September 25, 2024

Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"

Batteries and EVs are definitely not "easy money."

From Bloomberg, September 23:

  • Manufacturer says it will reduce headcount in Sweden by 1,600
  • Expansion plans also put on hold amid auto industry headwinds

Sweden’s Northvolt AB will shed 20% of its global workforce and pause its expansion plans to slow cash outflows as the battery-making firm confronts a burgeoning financial squeeze.

The company, which has struggled in its mission to stand up a home-grown supply of electric-vehicle batteries in Europe, said it will reduce its Swedish workforce by 1,600 positions as part of a strategic review that was announced this month.

Read More: Northvolt to Cut Staff, Halt Some Output as EV Demand Falls

The money-saving move comes as Northvolt continues to negotiate a new financing pact with its creditors and investors. The company in January reached agreement on a $5 billion green loan facility, taking its overall debt and equity commitments to more than $13 billion. Lenders have selected investment bank PJT Partners to help advise on options, Bloomberg News reported last week.  

The manufacturer’s rapidly mounting challenges have placed at risk Europe’s ambition to build an EV battery-making champion. The company, which earlier this year was contemplating an initial public offering, has come under increasing strain as a production ramp-up faltered, EV demand slowed and battery-cell competition from China intensified.

Northvolt has also faced a string of health and safety concerns ranging from worker deaths and injuries to reports of toxic chemical leaks. Local business daily Dagens Industri reported this month that the company was looking to raise 7.5 billion kronor ($737 million) to make September’s payroll...

....MUCH MORE

A couple days ago the usually supportive Aftonbladet published a story:

Northvolt resembles a hostage drama

Save us or everything will go to hell!
That's the approximate message from Northvolt's management.
The bite is recognizable from the banks during the financial crisis of 2008. There is no reason to go for it.... 

Machine translation.  

Our most recent post on Northvolt was September 5's "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months".

Friday, June 25, 2021

"Can Northvolt solve Europe’s impending electric car battery problem?"

From Sifted, June 24:

The five-year-old Swedish battery startup is already valued at $11.75bn. Can Europe bank on its battery solutions?

In the heart of Swedish Lapland, just below the Arctic Circle, a former Tesla manager is building a battery factory so large it would fill 100 football pitches and produce enough power to light 6bn light bulbs a year.

The mammoth undertaking by Northvolt — which has just raised $2.75bn at an $11.75bn valuation to bring this factory in SkellefteĆ„ and other factories elsewhere in Europe to life — is the great hope of not just of the company, but also the entire European car industry.

Founder Peter Carlsson, previously head of supply chain at Tesla, says Northvolt’s operations will be able to supply a vast number of batteries in a way that is more ecofriendly than most, given its ability to recycle old batteries. 

“The European car industry really wanted to find a European champion,” he says.

“What is unique with the path that we have chosen, versus where most of the industry has gone, is that rather than using a furnace to melt and recycle the nickel and cobalt, we have gone [down] the hydrometallurgical path.”

The use of this liquid processing technique makes Northvolt one of a small number of companies in the world that is able to recycle lithium — the mineral that gives rechargeable batteries their superpowers.  “We are pretty proud that our pilot facilities show [we’re] able to recycle lithium to a high degree,” Carlsson adds.

The startup makes lithium-ion batteries with 80% less CO₂ emitted compared to equivalent options on the market, it says, and it has already struck $27bn worth of deals with automotive companies including Volvo, Volkswagen, BMW and Swedish truck manufacturer Scania. 

In February, micromobility startup Tier announced it was partnering with Northvolt to get 5k electric scooters powered by Northvolt batteries on the road by the end of this year.

Europe’s impending battery problem

As the electric vehicle sector skyrockets, experts have increasingly become concerned that the problem of oil-guzzling engines is soon to be replaced with a new issue: what to do with the millions of lithium-ion batteries made to be put in these cars.

By 2030, analysts predict there will be around 145m EVs trundling along the world’s roads, up from just 11m in 2020. Meanwhile, micromobility solutions such as scooters and electric bikes — also powered by rechargeable batteries — are receiving huge amounts of investment from VCs.

Ailin Huang, Tier’s head of sustainability, says the search for more sustainable battery solutions is top of mind for electric scooter companies — “because if we don’t solve these issues, we will effectively end up with the same issue we have with fossil fuels, but batteries.

She says Northvolt makes a compelling partner not necessarily because the batteries themselves are particularly special, but because of its proximity (Tier currently ships its batteries from Asia), and the way it plans to combine both the production and recycling of batteries. 

“They are building up their own material stream of secondary resources from recycled batteries,” she says. “And they’re [hoping to] achieve economies of scale that other recycling companies probably won’t be able to.”....

....MUCH MORE

Recently:

Monday, January 8, 2024

Batteries: Sweden's Northvolt Gets EU Okay For €902 Million In Government Aid For German Gigafactory

Northvolt is no longer a startup.
It is a strapping young company founded in 2015 and becoming Northvolt in 2017.

From Sifted.eu, January 8:

EU greenlights €902m Northvolt deal for German gigafactory

Northvolt’s German factory, announced last year, will be in Heide, a town near the Danish border

Swedish startup Northvolt, Europe’s best-funded battery manufacturer, has secured approval from the European Commission for €902m in state aid from Germany to build a production plant in the north of the country. 

The German state funding package was announced last year but was put in jeopardy in November, after the country announced a budget freeze. Northvolt was then granted an exception, but the deal still awaited approval from the EU.  

Northvolt’s German factory, announced last year, will be in Heide, a town near the Danish border. Production is expected to start in 2026 and produce 60 GWh of battery capacity each year, enough to power 600k electric vehicles. 

The total price tag for the facility, which is expected to create around 3,000 jobs, has been estimated at approximately €4.5bn. ...

....MUCH MORE

Thursday, November 21, 2024

Batteries: Sweden's Northvolt Has Hired A Restructuring Expert

From Bloomberg via Canada's Financial Post, November 20:

Sweden’s Northvolt AB hired restructuring expert Paul O’Donnell to oversee its main factory unit, as time runs short for the struggling battery maker to mend its finances outside of bankruptcy court.

O’Donnell, who has helped Thames Water engage with creditors, will become chairman of Northvolt Ett AB, the subsidiary that contains the flagship cell-manufacturing plant in northern Sweden. Northvolt has struggled to raise US$300 million in emergency funding, with Bloomberg News reporting on Friday that talks on the package were on the verge of collapse....

....MUCH MORE

October 8
So far it's compartmentalized but the parent company is also facing financing and sales problems, more after the jump....
***
...There was a reason we titled September 5's post "Portents" - "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months". It was a sign of things to come, including September 25's Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"

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....
....MORE

Previously:
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"

Thursday, September 28, 2017

More on Northvolt, ABB and the 'World's Greenest Battery'

Combining a couple threads, Wednesday's "Does An ESG Mandate Mean You Can't Invest In Electric Car Companies Using Cobalt Containing Batteries?" and yesterday's "ABB Teams up with Northvolt on Europe's Biggest Battery Plant".

From Wired:

Can This Tesla Alum Build the World’s Greenest Battery?
At Tesla, Peter Carlsson spent nearly five years at Elon Musk’s side, locating various parts of the Model S as the electric car company's global supply chain manager. "The overarching goal of Tesla is to help reduce carbon emissions, and that means low cost and high volume," Musk said back in 2006. "We will also serve as an example to the auto industry, proving that the technology really works and customers want to buy electric vehicles."

Now, as Tesla builds its Gigafactory in the Nevada desert, the company is recapitulating that mission, aiming to reduce not just the energy consumed by its cars, but the energy used to build its battery in the first place. Tesla says the factory will employ rooftop solar and wind turbines for energy, along with a closed loop water system. But Carlsson, who left Silicon Valley in 2015 for his native Sweden, wants to make his own progress toward the goal of green batteries.

In May, Carlsson and fellow former Tesla executive Paolo Cerruti announced plans to build their own $4.5 billion electric battery plant to power electric cars, trucks, ships and, of course, a few Swedish snowmobiles. “We will produce a battery with significantly lower carbon footprint than the current supply chains,” Carlsson said during a September visit to his office in downtown Stockholm. His startup firm Northvolt is raising $120 million for the first phase of the plant, which Carlsson says will produce 32 Gigawatt-hours when fully running in 2023.

How will they do it? Raw materials like graphite and nickel will be sourced from deposits in Sweden, while cobalt will come from a huge refiner in Finland. Renewable energy will flow from Sweden’s hydropower dams. Waste heat will be recycled to keep factory neighbors warm in the winter. Old batteries will get new life through recycling.

The Gigafactory will produce 50 GWhr of batteries when complete (although that might triple with two additional factory segments). Tesla expects to have a net zero energy factory without even a natural gas line. Excess energy from its rooftop solar panels will be stored in wall battery packs, and it will also have an onsite battery recycling facility.

Like Musk, Carlsson says Northvolt’s lithium-ion batteries will have a carbon footprint close to zero. That’s in keeping with Sweden’s goals of a zero-greenhouse-emissions economy by 2045. In addition to satisfying EU environmental rules, Northvolt hopes to appeal to green-minded drivers who are not only looking at the energy costs of driving an electric car, but also count the energy consumed to build the lithium ion battery....MUCH MORE
...But some experts say that the real environmental costs come earlier in the supply chain, when companies obtain lithium, cobalt, graphite, manganese, and nickel for their batteries. “They come in ores that need to be smelted,” says Jennifer B. Dunn, a chemical engineer at the Argonne National Laboratory who researches the environmental footprints of various manufacturing processes. “In addition to the carbon emissions, there can be a lot of sulfur oxide produced, and as Northvolt thinks about their supply chain, these are factors they are going to want to consider."...
It's not so much the Environmental in the ESG equation, if push comes to shove everyone in the chain will rationalize the E. It's the S that gets tricky and we'll have more on that next month.

Friday, June 18, 2021

Northvolt Raises Another $2.75 Billion To Expand Swedish Battery Production

 From The Barents Observer, June 10:

North Swedish battery gigafactory expands before production start
Northvolt raises another $2,75bn for ramp-up of its battery production from 40 to 60 GWh annual capacity. 

The gigafactory outside SkellefteĆ„ in northern Sweden has not yet started production before funding to a 50% expansion of capacity is on the table. Northvolt, branding its factory to produce World’s greenest battery, will start output later this year, with customers like VW, BMW, and Scania hungry to buy whatever the production lines can provide.

Between 2019 and 2027, the size of the global market for electric vehicles (EV) is expected to boom almost five-fold. This year, more than 4 million battery-powered cars will be sold, with an accumulated number by 2027 believed to reach more than 230 million units.

Limited production of batteries is one factor that could be limiting the size of the market.

As recently reported by the Barents Observer, northern Sweden takes a lead position in the new industrial revolution, shifting to technologies aimed to slow climate change. The regions of VƤsterbotten and Norrbotten alone are expected to get 10,000 new workplaces with carbon-free production of steel, mining of metals, and battery production.

Northvolt’s factory in SkellefteĆ„ alone will count for 6,000 employees. All production will be based on renewable energy like hydropower, windmills and solar.

The $2,75 billion raised in new equity comes from the Swedish pension funds, OMERS Capital Market alongside existing investors in Northvolt like Goldman Sachs and VW Group, the company says in a press statement.

VW is one of Northvolt’s main customers and has already ordered batteries for $14 billion to supply the group’s wide range of electric vehicles from Audi, Skoda, Seat, Porsche and VW....

....MUCH MORE 

Thursday, March 13, 2025

Batteries: "Northvolt goes bust, blames everyone else"

From Irina (OilPrice) Slav's substack, March 13:

Because of course

Northvolt has filed for bankruptcy in Sweden as was expected. They are blaming governments for not giving them enough money. After raising $15 billion over nine years in subsidies and investments from non-government entities. That’s $15 billion down the drain and not a single lesson learned.

“It is a strategic failure. Brussels has sat on the bench and been a witness to this but not done anything about it,” one Northvolt shareholder apparently said, per the FT.

“You will not reach this goal of having a European battery sector if you let private investors purely take financial decisions not based on political goals,” some “battery executive” that the FT didn’t name said.

So, what they are saying, loud and clear, is that the battery industry is completely unviable in Europe unless governments make it viable with lots and lots of money — for how long? Because it certainly hasn’t worked all that well for wind and solar, either. “But China did it,” the industry whines, including Northvolt’s interim chairman Tom Johnstone....

....MUCH MORE

Rather a sharp-tongued woman.

Most recently:

January 31 - Batteries: Sweden's Northvolt Scrambles To Avoid Liquidation
The company is already in reorganization. 

November 3034 -  "Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan"

And many more going back to the early investors.

Thursday, September 28, 2017

ABB Teams up with Northvolt on Europe's Biggest Battery Plant

From Reuters via Mining.com:
Swiss engineering group ABB has joined Northvolt's project to build Europe's largest lithium-ion battery factory in Sweden to cater for expected demand growth for electric cars.

Northvolt aims to reduce reliance on batteries from China and South Korea as European carmakers come under increasing pressure to cut vehicle emissions. Batteries are the biggest single cost of an electric car and VW has called for the creation of a European supplier to compete with dominant Asian players such as Panasonic, LG Chem and China's CATL.

The agreement between ABB and Northvolt covers a supply and technology partnership as well as collaboration on research and product development. ABB Technology Ventures (ATV) will support the initial phase of the project with a 10 million euro ($11.8 million) investment, it said.

Former Tesla executive Peter Carlsson's Northvolt wants the Swedish plant to rival the scale of the U.S. electric carmaker's Gigafactory in the Nevada desert, targeting annual cell production equivalent to 32 gigawatt-hours by 2023.

The factory is expected to start production in 2020. A demonstration line will be ready by 2019, ABB said in a statement.

Carlsson's vision comes against the backdrop of automakers such as BMW, Daimler, VW and Renault-Nissan all planning a rapid ramp-up in electric car production in the coming years....MORE

Wednesday, June 14, 2023

Batteries: Northvolt and Dyson

Some catch-up, from Energy Storage News, May 22:

Northvolt completes construction of Poland ESS factory

European lithium-ion gigafactory firm Northvolt has completed construction of its energy storage system (ESS) production facility in Poland and expects to start production by the end of 2023.

The Sweden-headquartered firm announced the completion of construction on Linkedin over the weekend (20 May), saying it is Europe’s largest factory for ESS solutions. The facility will build its ‘Voltainer’ ESS product.

“The facility is powered solely by electricity from renewable sources. This aligns with our company’s business model, which focuses on using only green energy in all our factories located in Poland, Sweden, and Germany, as well as utilising recycled materials,” said Robert Chryc-Gawrychowski, CEO of Northvolt Poland.

The company is aiming to open the facility and start production by the end of the year. When first announced in late 2021, Northvolt said the plant would open with an initial annual production capacity of 5GWh and a potential future capacity of 12GWh.

It will receive cells from the company’s Swedish flagship gigafactory, Northvolt Ett, and the project received an EU innovation grant of €75 million (US$81 million)....

....MUCH MORE

And from The Chartered Institute of Procurement & Supply, May 3:

Dyson makes biggest bid yet in advanced battery manufacturing 

Household appliances firm Dyson is to set up a state-of-the-art battery manufacturing plant in Singapore as part of a global push, which will also see it opening new R&D labs in the Philippines and the UK.

The company, which is now headquartered in Singapore and carries out the bulk of its manufacturing there, chose the island state as the home for its first proprietary new technology battery plant.

Dyson expects the plant, which will represent its biggest ever investment in “advanced manufacturing”, to be completed this year and to be operational by 2025.

The facility will produce batteries for Dyson products.

“Dyson started its in-house battery programme more than a decade ago, to pioneer smaller, lighter, more sustainable, and more energy-dense batteries,” said the company.

“Research teams have been working globally on the proprietary new technology battery, which uses novel materials and processes, and is assembled in a smart, digitally-enabled environment.”

Dyson chief executive officer Roland Krueger praised Singapore’s “highly skilled engineers and scientists, and supportive government that embraces Industry 4.0 manufacturing technologies"....

....MUCH MORE

But what about the Gurkhas? They never mention the Gurkhas.

https://cms.qz.com/wp-content/uploads/2018/06/gurkhas-singapore.jpg?quality=75&strip=all&w=1600&h=900

Those are a couple members of Singapore's Gurkha Contingent. The gent in the foreground is the close-in guy, you can tell, not from the knife at his back, they all have those, but from the shotgun, whereas his partner has an automatic rifle.

Singapore employs 2000 as a very special department within the Singapore police.

Here's a story we linked to in 2011 about a Gurkha and some would-be rapists:
POKHARA, Jan 13: Gorkha soldiers have long been known the world over for their valor and these khukuri-wielding warriors winning the British many a battle have become folklore.

A retired Indian Gorkha soldier recently revisited those glory days when he thwarted 40 robbers, killing three of them and injuring eight others, with his khukuri during a train journey. He is in line to receive three gallantry awards from the Indian government.
Slave girl Morgiana in the Arabian Nights used her cunning to finish off Ali Baba´s 40 thieves, but Bishnu Shrestha of Baidam, Pokhara-6 did not have time to plot against the 40 train robbers. He, however, made good use of his khukuri to save the chastity of a girl and hundreds of thousands in loot.

Shrestha, who was in the Maurya Express to Gorakhpur from Ranchi on September 2 while returning home following voluntary retirement from the Indian army--saved the girl who was going to be raped by the robbers in front of her hapless parents, and in doing so won plaudits from everybody.

The Indian government is to decorate Shrestha with its Sourya Chakra, Bravery Award and Sarvottam Jeevan Raksha Medal and the 35-year-old is leaving for India Saturday to receive the first of the awards on the occasion of India´s Republic Day on January 26.

“The formal announcement of the awards will be made on Republic Day and on Independence Day on August 15,” said Shrestha, whose father Gopal Babu also retired from the same 7/8 Platoon of the Gorkha Regiment around 29 years ago.

His regiment has already given him a cash award of Indian rupees 50,000, and decided to terminate his voluntary retirement. He will get the customary promotion after receiving the medals. The Indian government will also announce a cash bounty for him and special discounts on international air tickets and domestic train tickets.

The band of about 40 robbers, some of whom were travelling as passengers, stopped the train in the Chittaranjan jungles in West Bengal around midnight. Shrestha-- who had boarded the train at Ranchi in Jharkhand, the place of his posting--was in seat no. 47 in coach AC3.

“They started snatching jewelry, cell phones, cash, laptops and other belongings from the passengers,” Shrestha recalled. The soldier had somehow remained a silent spectator amidst the melee, but not for long. He had had enough when the robbers stripped an 18-year-old girl sitting next to him and tried to rape her right in front of her parents. He then took out his khukuri and took on the robbers.

“The girl cried for help, saying ´You are a soldier, please save a sister´,” Shrestha recalled. “I prevented her from being raped, thinking of her as my own sister,” he added. He took one of the robbers under control and then started to attack the others. He said the rest of the robbers fled after he killed three of them with his khukuri and injured eight others.

During the scuffle he received serious blade injury to his left hand while the girl also had a minor cut on her neck. “They had carried out their robbery with swords, blades and pistols. The pistols may have been fake as they didn´t open fire,” he surmised....MORE
Got that?
With his khukuri knife he charged 40 low-life punks armed with pistols, knives and swords.
Killed three. Wounded eight. Chased the other 29 away.

A different approach to gang-rape from that evinced by, say, the South Yorkshire Police, know what I'm sayin'?

Singapore hires 'em as cops. Pretty smart if you ask me.

Thursday, November 21, 2024

"Battery unicorn Northvolt files for bankruptcy, upending Europe’s industrial plan"

From TechCrunch, November 21:

Beleaguered Swedish battery manufacturer Northvolt announced today that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries.

The company reportedly chose Chapter 11 in an effort to right its finances. 

Northvolt, which had soared for years on the back of strong fundraising and a string of announcements about new facilities, has stumbled of late. It laid off 1,600 employees, about 20% of its workforce, in September, and unloaded assets in November from its ill-fated purchase of Bay Area battery startup Cuberg....

....MUCH MORE

Earlier:
Batteries: Sweden's Northvolt Has Hired A Restructuring Expert

Friday, October 11, 2024

Batteries: "Northvolt in talks for about 200 million euros in funding - sources"

A Reuters exclusive, October 11:

Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in funding, three sources familiar with the matter said, as the cash-strapped Swedish battery maker seeks to stabilise its short-term finances.

The talks have been taking place this week as the company seeks short-term financing while it still aims to raise a larger amount of capital, one of the sources said. The sources declined to be identified because the matter is confidential....
....MUCH MORE

October 8 - Batteries: "Northvolt says subsidiary files for bankruptcy after project pulled"

Thursday, May 9, 2019

Europe Ramps Up Electric Vehicle Battery Investment

From OilPrice, May 5:

Europe Throws Billions At New EV Battery Ventures
Europe is slowly but surely working to catch up with the world’s largest EV battery producers after it was almost terminally late to the party. After years of neglecting the lack of local battery production capabilities, now the EU has announced yet another consortium in the area, a tie-up among carmakers, energy companies, and others interested in building battery capacity in Europe.
Forbes’ Brussels correspondent Dave Keating reports that the consortium will be funded with US$5.6-6.7 billion (5-6 billion euro), with US$1.34 billion (1.2 billion euro) in the form of subsidies coming from Brussels. The rest will come from private companies.

It’s good news that European companies are investing so heavily in EV batteries, but it’s worth noting the current leaders in this space—China and South Korea—are not exactly standing still. They are building EV battery production capacity in Europe, too.

A Chinese battery maker, CATL, for example, last year announced plans to build a factory in Germany, after it sealed a battery supply deal with BMW. This deal alone, interestingly, is worth more than what private companies have pledged for the new European battery consortium. What’s more, most of the batteries will be made in China, with a minority manufactured at the German site. In other words, the companies that dominate battery supply for European carmakers and their very ambitious EV plans will not let go of the top spot easily.

Yet the Europeans are making an effort in a better-late-than-never push. Construction work on the first gigafactory on the continent may begin soon, after one of the companies behind it, Swedish Northvolt, said it had secured an initial investment of 1.6 billion euros for the start of construction of the first phase of the factory, which will have a capacity of 8 GWh per year. Ultimately, the gigafactory should have an annual capacity of 32 GWh but this would require another US$2.68 billion (2.4 billion euro). Financial and tech backers of the gigafactory include Volskwagen, BMW, ABB, and Siemens....MORE
HT: ZH

Related:
November 2018 
"Stung by Asian dominance, Germany pours cash into EV battery ventures"
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"
December 2016 
Tesla's European Gigafactory to Produce Cars, Batteries (TSLA)
Of course this doesn't happen unless the company can raise some serious money.
$3 to $12 billion serious....

Wednesday, March 15, 2017

"An Ex-Tesla Exec’s $4.2 Billion Battery Battle With Musk"

For folks new to the battery biz the thing to know about what Tesla is doing is there is not much new there, other than the sheer scale of production, which does matter bigly but leaves the lithium ion paradigm open to being overturned.

From Bloomberg, March 12:
  • Former Tesla executive expects to announce site in March
  • Battery demand seen rising sixfold through to 2024: BNEF
NorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a 4 billion euro ($4.2 billion) lithium-ion battery factory.
The Stockholm-based company wants to raise 1 billion euros by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla’s former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month.

“Europe will be a very important market for energy storage,” Carlsson said by phone. “There is a huge need for back-up power. There is also a sizable auto industry that has made big promises to go electric.”

Energy storage is seen as the missing link in the world’s transition to a zero-carbon economy. Batteries can fill power gaps from intermittent solar and wind energy. Lithium-ion packs are also key for automakers banking on a new generation of plug-in vehicles.

The 46-year-old Chief Executive Officer has already convinced Sweden’s biggest utility, Vattenfall AB, to invest 5 million kronor ($550,000) and has raised $14 million to date. Carlsson’s seeking equity investors for half the capital needed to build the factory with the rest raised through debt. NorthVolt is applying to the European Investment Bank for a loan and could also issue green bonds for funding.

“We typically don’t invest in hardware,” said Vattenfall’s head of strategy Andreas Regnell, who may be open to pumping more money into the venture. “We see this as more of a business development effort. There are huge benefits for us if this happens, given that we’re heavily invested in electric mobility infrastructure.”

“There are 19 million cars sold in the European Union per year,” Carlsson said. “If even 10 percent are going to be electric, which is a conservative estimate for 2025, that’s a huge opportunity for us.”
Automakers are racing to develop battery-powered versions of their vehicles to help governments meet emission-reduction targets set under the 2015 Paris climate accord. To meet EU targets, average fleet emissions would need to drop 27 percent by 2021, compared to 2015 levels. That would require vehicle efficiency to more than double in the next five years, compared to improvements made since 2010.

Tesla, Nissan Motor Co. and General Motors, are already selling electric models in Europe. Volkswagen AG plans to manufacture 30 different electric models by 2025.
While Tesla is said to be thinking of expanding to Europe, Carlsson is focusing on supply local automakers rather than his previous employer.
“All of Tesla’s batteries go to support their products,” he said. “There’s plenty of other demand out there.”...MORE
We must have over 500 posts on batteries, a few that have stood the test of time:
Why We Still Don't Have Better Batteries
Gates, Pritzkers vs. Musk: "The $5 Billion Race to Build a Better Battery" (TSLA)
We've been tracking the progress of the science for a couple decades now and can report, from hard won experience, there ain't no Moore's Law for batteries.... 

Our final paragraph from March 2012's "Batteries: The Venture Capitalist's Holy Grail":

...Microsoft famously didn't need venture capital either.
(Technology Venture Investors was the sole VC investor and got that plum only because Marquardt and Ballmer were buddies)
That's the Holy Grail, finding a company that doesn't need you but will let you in.

The battery on the other hand....that's going to be a longer slog than the press releases would lead one to believe. 
 
That was five years ago.
The change in approach probably happens with another  2 1/2 to 3-fold increase in lithium prices when we'll see massive substitution effects.