Global Battery Race Heats Up With Billions for Europe’s Northvolt
11 months, 1 week ago

Global Battery Race Heats Up With Billions for Europe’s Northvolt

Live Mint  

One of the world’s most valuable battery startups is raising $3.4 billion in debt from the European Union and a group of banks including JPMorgan Chase, accelerating a race to build more batteries outside China and take advantage of a tidal wave of clean-energy subsidies. The European Union’s investment bank has now contributed close to $1 billion toward Northvolt’s Sweden factory, part of its push to establish a homegrown battery company. The company is accelerating battery production at its factory near the Arctic Circle in the next few years with the intention of making enough batteries annually to power several hundred thousand cars. The climate law also turbocharged a U.S. government clean-energy lending program that is pouring billions of dollars into domestic battery production.

Europe Battery Billion Northvolt Battery Production  battery  global  company  europes  heats  northvolt  dollars  billion  european  funding  law  race  billions  cleanenergy  batteries

History of this topic

Europe’s Big Battery Ambitions Are Failing, and China Is Benefiting
2 weeks ago

Europe’s Big Battery Ambitions Are Failing, and China Is Benefiting

Live Mint  

Europe’s bid to build a homegrown battery industry to break China’s dominance in electric vehicles is failing. “The failure to establish domestic battery manufacturing capabilities threatens the very existence of the automotive industry in Europe,” said Andy Palmer, former chief executive officer of Aston Martin Global Lagonda Holdings Plc. By the time Europe’s automakers went all in on electric cars, …

Beyond Northvolt bankruptcy, a story of the West struggling China tightening its grip on EV, clean tech markets
3 weeks, 5 days ago

Beyond Northvolt bankruptcy, a story of the West struggling China tightening its grip on EV, clean tech markets

Firstpost  

Northvolt’s story isn’t just about the big bucks of its big backers. It has doled out some important lessons about what’s wrong with current strategies Western nations are using to compete with China in the electric vehicle supply chain Swedish company Northvolt's bankruptcy is a cautionary tale for the West as it tries to compete with China in the EV …

Northvolt’s bankruptcy and the EV crash
4 weeks, 1 day ago

Northvolt’s bankruptcy and the EV crash

Live Mint  

Electric-vehicle dreams are crashing into reality, and the latest signs come from Europe. Swedish battery manufacturer Northvolt last week filed for bankruptcy, one day after Ford announced 4,000 job cuts in Europe because of the government-mandated EV transition. Ford last week said Europe needs more “public investments in charging infrastructure" and “meaningful incentives to help consumers make the shift." Public …

Northvolt goes from Europe battery promise to crisis
1 month ago

Northvolt goes from Europe battery promise to crisis

Live Mint  

STOCKHOLM, Nov 22 - Sweden's Northvolt said on Thursday it will seek U.S. Chapter 11 bankruptcy protection as the cash-strapped battery start-up seeks to sort out its finances. The group in 2017 announces plans to build $4 billion lithium-ion battery gigafactory Northvolt Ett and research facility Northvolt Labs. Later that year the group raises $2.75 billion in equity to finance …

Northvolt set to axe one in five jobs amid falling demand for its batteries as electric car sales stall
3 months ago

Northvolt set to axe one in five jobs amid falling demand for its batteries as electric car sales stall

Daily Mail  

Cuts: Northvolt said it would axe 1,600 jobs in Sweden, a quarter of its workforce in its home country Europe's leading electric car battery maker will axe as many as one in five jobs as demand for vehicles continues to stall. In yet another blow to the industry, Northvolt said it would cut 1,600 jobs in Sweden, a quarter of …

Swedish battery maker Northvolt mulls job cuts as it seeks to save costs
3 months, 2 weeks ago

Swedish battery maker Northvolt mulls job cuts as it seeks to save costs

Live Mint  

By Marie Mannes and Anna Ringstrom STOCKHOLM -Battery maker Northvolt said on Monday it would suspend cathode active material production at its gigafactory in Sweden and cut costs under a plan that could lead to job losses as the company scales back its rapid expansion. It has suffered production delays and the cancellation by BMW of a large order and …

EV Batteries Have a Dirty Secret. This Company Has a Plan to Clean Them Up
54 years, 11 months ago

EV Batteries Have a Dirty Secret. This Company Has a Plan to Clean Them Up

Wired  

Here’s the inconvenient truth about your electric vehicle: Making its battery has a big impact on the environment. “Building batteries is creating a very large amount of carbon,” says Peter Carlsson, CEO of European battery manufacturer Northvolt. Phasing out internal combustion engines—a must for reaching net zero—will require roughly a tenfold increase in battery production over the next decade, Carlsson …

US tax breaks lure European clean tech companies as EU lags
1 year, 8 months ago

US tax breaks lure European clean tech companies as EU lags

Associated Press  

LONDON — Norwegian startup Freyr will first build batteries to power electric vehicles and store clean energy in a remote town near the Arctic Circle. That’s because a new U.S. clean energy law offers generous tax credits — up to 40% of costs — in what is a “massive, massive incentive” for producing in America, CEO Tom Einar Jensen said. …

Portugal picked for Europe’s biggest lithium treatment plant
3 years ago

Portugal picked for Europe’s biggest lithium treatment plant

Associated Press  

LISBON, Portugal — Portuguese energy company Galp and Swedish electric vehicle battery maker Northvolt on Tuesday announced a joint venture to build in Portugal what they say will be Europe’s largest lithium conversion plant. Their goal is for the plant to deliver enough lithium hydroxide to provide batteries for about 700,000 electric vehicles a year starting in 2026. The companies …

Volvo XC60 successor will be first EV to use batteries co-developed by Volvo and Northvolt
3 years, 6 months ago

Volvo XC60 successor will be first EV to use batteries co-developed by Volvo and Northvolt

Firstpost  

Production at Volvo and Northvolt’s gigafactory with potential capacity of 50 GWh per year expected to start in 2026. Volvo and Sweden’s Northvolt have joined forces to build a new battery factory in Europe as the automaker aims to sell only fully electric cars by 2030, the companies announced. Swedish automaker Volvo and the battery start-up said that, through a …

Volkswagen to Build At Least 6 Gigafactories in Europe by 2030, to Overtake Tesla in the Region
3 years, 9 months ago

Volkswagen to Build At Least 6 Gigafactories in Europe by 2030, to Overtake Tesla in the Region

News 18  

Volkswagen plans to build half a dozen battery cell plants in Europe and expand infrastructure for charging electric vehicles globally, accelerating efforts to overtake Tesla and speed up mass adoption of battery-powered cars. While the first two factories are already reflected in Volkswagen’s financial planning, the group is currently in “deep discussions" about how the subsequent plants fitted with financial …

Battery gigafactory energises the frozen north
3 years, 11 months ago

Battery gigafactory energises the frozen north

The Telegraph  

There’s a boom-town feel in Skelleftea, 125 miles south of the Arctic circle, now that the Swedish battery start-up Northvolt is visibly forging ahead with Europe’s first gigafactory. “We have construction cranes all over, land has become very expensive to buy, house prices are expanding at the most rapid rate in Sweden, and there’s a huge amount of investment.” “About …

Discover Related