Europe’s $12 billion Tesla battery rival produces its first lithium-ion cell


Northvolt’s battery manufacturing facility within the north of Sweden in June.


Swedish battery maker Northvolt introduced Wednesday that it has produced its first lithium-ion battery cell at its manufacturing facility in Västerås, assembly its deadline to start out manufacturing on the plant earlier than the tip of 2021.  

Northvolt, which competes with Tesla‘s battery-making division and was valued at $12 billion by buyers in June, stated it is the first battery of its form to have been totally designed, developed and assembled by a homegrown European battery firm.

The battery cell got here off the manufacturing line on Tuesday, Northvolt stated.

“Of course, this first cell is simply the start,” Peter Carlsson, CEO and co-founder of Northvolt, stated in a press release.

“Over the course of the approaching years, we stay up for Northvolt Ett increasing its manufacturing capability drastically to allow the European transition to scrub vitality.”

The majority of the world’s electrical automobile batteries are presently made within the U.S. and Asia, however Northvolt hopes to alter this.

Despite being lower than six years previous, Northvolt has signed over $30 billion price of contracts with prospects together with carmakers BMW, Volkswagen, Volvo and Polestar.

Northvolt stated business deliveries will start in 2022, including that manufacturing capability will improve to 60 gigawatt-hours within the coming years, which is sufficient to provide batteries for round 1 million electrical automobiles. 

The firm has raised over $6.5 billion from a bunch of buyers to assist it develop its operations.

The newest funding spherical, Northvolt’s largest but, was co-led by Goldman Sachs and VW alongside new buyers together with Swedish pension funds AP1, AP2, AP3, AP4 and Canadian pension supplier OMERS. Previous buyers akin to Spotify CEO Daniel Ek and funding administration agency Baillie Gifford are additionally investing within the spherical.

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