Volkswagen invests another €500 million in Northvolt

June 09, 2021 // By Christoph Hammerschmidt
Volkswagen invests another €500 million in Northvolt
In a new funding round for the Swedish battery manufacturer Northvolt totalling $2.75 billion, Volkswagen is once again contributing $620 million (around €500 million). The funds will be used to expand capacities in the areas of production and recycling as well as R&D.

Among other things, Northvolt plans to expand its gigafactory Northvolt Ett in Skellefteå in northern Sweden from 40 GWh annual production capacity to 60 GWh against the background of massively increasing demand for vehicle batteries.

Volkswagen had already invested around €900 million in Northvolt in June 2019 and received around 20% of the shares and a seat on the supervisory board in return. With the renewed investment, the vehicle manufacturer is keeping its share in Northvolt constant.

The production of Volkswagen premium cells will be concentrated in Skellefteå in cooperation with Northvolt. Production of these cells is scheduled to start in 2023; the volume earmarked for Volkswagen is to be gradually expanded to up to 40 GWh annual capacity.

The second Volkswagen Gigafactory will produce the unit cell for the volume segment in Salzgitter from 2025 and will also produce up to 40 GWh per year in the future. Both gigafactories will be powered by electricity from renewable energies.

In total, Volkswagen and its partners plan to commission six cell factories in Europe by 2030 to ensure the ramp-up of e-vehicle production. Possible locations and partners are currently being examined for the next cell factories after Skellefteå and Salzgitter.

Related articles:

 

NorthVolt raises $1.6bn for European battery gigafactories

Europe launches Battery 2030+ technology roadmap

Researchers publish roadmap for battery development

Fluence and Northvolt to co-develop battery technology for Grid-scale energy storage

VW sets up pilot battery recycling plant

 


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