Northvolt has raised US$1 billion of capital to build Europe’s first homegrown gigafactory for lithium-ion battery cells – Northvolt Ett, in Skellefteå, Sweden. At the same time, in cooperation with the Volkswagen Group, the company also announced plans to establish a second gigafactory with an intended location in Lower Saxony, Germany. The news of both factories was announced on 12 June 2019.
The Volkswagen Group and further European partners are joining forces to form the European Battery Union (EBU) with a view to forging ahead with battery research throughout Europe. The new consortium is to be led by the Volkswagen Group and the Swedish battery producer Northvolt. The joint research activities of the European Battery Union will cover the entire battery value stream – from raw materials through cell technology to recycling. The prime objective is to accumulate much broader know-how on battery cell production.