Saturday, August 13, 2022
  • Privacy Policy
  • Copyright
TV USA | Live
Weather ☀
Exchange Rates $
  • Politics
  • International
  • Society
  • Sports
  • Blog
  • Contact
No Result
View All Result
  • Politics
  • International
  • Society
  • Sports
  • Blog
  • Contact
No Result
View All Result
TV USA | Live
No Result
View All Result
Home International

Northvolt raises $2.75 billion from Goldman, VW to compete with Tesla

TV USA | Live by TV USA | Live
June 9, 2021
in International
0
Northvolt raises $2.75 billion from Goldman, VW to compete with Tesla

Northvolt’s battery factory in the north of Sweden in June.

Northvolt

Northvolt, a Swedish battery maker, has raised $2.75 billion from a host of big names to help fuel its global expansion and increase production.

The Stockholm-headquartered company makes the lithium-ion batteries that are used to power electric cars and it says it has signed deals worth $27 billion with the likes of BMW and VW. It is aiming to produce “the world’s greenest batteries” by drawing on renewable energy sources and recycled raw materials.

The latest funding round, Northvolt’s largest yet, was co-led by Goldman Sachs and VW alongside new investors including Swedish pension funds AP1, AP2, AP3, AP4 and Canadian pension provider OMERS. Previous investors such as Spotify CEO Daniel Ek and investment management firm Baillie Gifford are also investing in the round.

Total investment in the company now stands at $6.5 billion. The latest round of funding values Northvolt at $11.75 billion, according to a person familiar with the company who asked to remain anonymous as Northvolt has not publicly disclosed the figure.

Founded in 2016, Northvolt said it will use the funding to expand capacity at its factory in the far north of Sweden from 40 gigawatt-hours to 60 gigawatt-hours, which is enough to supply batteries for around 1 million electric vehicles. Production is expected to start at the factory later this year.

Peter Carlsson, co-founder and CEO of Northvolt, told CNBC in an interview on Wednesday that the company is doing “fairly significant shipments” from a smaller facility that has been in operation for over a year to customers who are now doing their own “validations.”

While none of the company’s batteries are in electric vehicles that are on the road today, they’re being used on test tracks, Carlsson said, adding that he expects Northvolt’s batteries to be delivered in vehicles from 2023 and in energy storage applications from the end of next year.

VW, which made a $14 billion order with Northvolt earlier this year, said Wednesday it has invested 500 million euros ($609 million) of the $2.75 billion and that its 20% stake in the company remains unchanged.

“With this investment, we are strengthening our strategic partnership with Northvolt as a supplier of sustainable battery cells which are produced using renewable energy and are comprehensively recyclable,” said Arno Antlitz, VW’s group board member for finance and IT, in a statement.

Northvolt’s batteries are built on a “different chemistry” to Tesla’s and the performance is becoming increasingly similar, said Carlsson, who was Tesla’s vice president of supply chain in Palo Alto between 2011 and 2015.

Making the batteries in a sustainable manner is one of Northvolt’s biggest challenges, he added. If the world transitions to electric vehicles with batteries from coal-based economies like China then it would create a new carbon footprint the size of Spain, Carlsson said. “If we do it based on renewable energy … we can prevent this from happening,” he said.

The company’s main plant is in Sweden and it is considering building a second in Germany if it can find enough renewable energy sources.

By 2030, it wants to achieve 150 gigawatt hours of deployed annual production capacity in Europe.

TV USA | Live

See author's posts

Tags: AutosBayerische Motoren Werke AGbusiness newsDaniel EkEnergyGoldman Sachs Group IncInvestment strategySpotify Technology SATechnologyTesla IncVintage Wine Estates IncVolkswagen AG
Previous Post

Macron slapper ID’d as far right follower, Middle Ages enthusiast – POLITICO

Next Post

US and Europe to forge tech alliance amid China’s rise – POLITICO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Stories

  • Capitol Hill's dangerous kangaroo court

    The desperation of the Jan. 6 House Committee

    0 shares
    Share 0 Tweet 0
  • U.S. sanctions on Russia violate the Constitution

    0 shares
    Share 0 Tweet 0
  • Voting kicks off in a New York City mayor’s race like no other

    0 shares
    Share 0 Tweet 0
  • Unleash the Power of Postbiotics in Pets

    0 shares
    Share 0 Tweet 0
  • Tensions Rise Over Future of Abortion Rights in US

    0 shares
    Share 0 Tweet 0

International

Saskatchewan’s Sweet Nutrition quadruples sales since 2019, lands deal with 7-Eleven
International

Saskatchewan’s Sweet Nutrition quadruples sales since 2019, lands deal with 7-Eleven

June 29, 2022
Saskatchewan’s Sweet Nutrition quadruples sales since 2019, lands deal with 7-Eleven
International

Saskatchewan’s Sweet Nutrition quadruples sales since 2019, lands deal with 7-Eleven

June 29, 2022
Saskatoon artist inks locals to raise money for Ukraine
International

Saskatoon artist inks locals to raise money for Ukraine

June 28, 2022
‘I kept it hidden’: Survivor of Kamloops Indian Residential School speaks for 1st time
International

‘I kept it hidden’: Survivor of Kamloops Indian Residential School speaks for 1st time

June 28, 2022
‘A body check’: Kids restrained over 2000 times in one year in Ontario’s child-welfare system
International

‘A body check’: Kids restrained over 2000 times in one year in Ontario’s child-welfare system

June 28, 2022
WATCH: Global National – June 27
International

WATCH: Global National – June 27

June 28, 2022
NOTE FROM JOÃO BAPTISTA BORGES, EMERGENCY PLAN TO COMBAT EPIDEMIC COVID-19: MINEA WANTS AN EPAL THAT MEETS THE POPULATION’S NEEDS
International

NOTE FROM JOÃO BAPTISTA BORGES, EMERGENCY PLAN TO COMBAT EPIDEMIC COVID-19: MINEA WANTS AN EPAL THAT MEETS THE POPULATION’S NEEDS

June 16, 2022

TV USA | Live

 JNews - Premium WordPress news & magazine theme by Jegtheme.

 

 

© 2022 JNews. All rights reserved.

No Result
View All Result
  • Politics
  • International
  • Society
  • Sports
  • Blog
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT