VW And BMW Make investments In Europe’s Largest Lithium-Ion Battery Plant
Volkswagen and BMW have each invested in what will likely be Europe’s largest gigafactory for lithium-ion batteries.
Northvolt, the corporate behind the manufacturing facility, revealed on Wednesday that it has raised $1 billion in fairness capital to determine the battery facility in Skellefteå, Sweden, and likewise intends to construct a second gigafactory in Decrease Saxony, Germany.
“In the present day shouldn’t be solely an incredible milestone for Northvolt, it additionally marks a key second for Europe that clearly reveals that we’re able to compete within the coming wave of electrification, and that we are going to achieve this utilizing battery cells which carry the bottom CO2 footprint attainable,” co-founder and chief govt of Northvolt Peter Carlsson mentioned.
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Building on the Swedish facility will begin in August earlier than large-scale battery manufacturing commences in 2021. The manufacturing facility will initially have 16 GWh of lithium-ion battery cell manufacturing capability. To place that into perspective, Tesla’s Gigafactory 1 had a capability of roughly 20 GWh all through 2018 and can develop within the coming years. Northvolt’s plant will likely be expanded to at the very least 32 GWh.
“Volkswagen is laying the groundwork in any respect ranges for the profitable implementation of its electrification technique,” member of the Volkswagen AG Board of Administration answerable for procurement, Dr. Stefan Sommer mentioned. “With Northvolt, now we have discovered a European associate whose know-how and sustainable, CO2 optimized battery cell manufacturing processes will allow us to advance cell manufacturing right here in Germany. The prerequisite for that is, after all, the creation of the political framework.”
The aforementioned German gigafactory will come collectively due to a 50/50 three way partnership between VW and Northvolt and can begin making battery cells for the previous from late 2023 or early 2024.
