Northvolt's $5B Expansion Boosts Europe's Battery Production, Backed by Germany
German Chancellor Olaf Scholz has hailed Northvolt's latest investment as strategically crucial for both Germany and Europe. The Swedish battery maker is set to expand its Northvolt Ett gigafactory and recycling plant, Revolt Ett, in a $5 billion project.
Northvolt, in collaboration with Volvo, is expanding its footprint. The companies have established a joint venture called Novo, which will see a gigafactory built in Gothenburg. This facility will commence production exclusively for Volvo in 2026. Currently, Northvolt is already supplying battery cells to Volvo's production lines in Sweden and Belgium.
The expansion, dubbed 'Northvolt Two', will significantly boost Northvolt's production capacity. It's also a significant step towards a greener future. Northvolt plans to use wind power for energy at the new plant, supporting the climate transition. Moreover, Revolt Ett, the recycling arm, is recovering battery-grade metals with a carbon footprint 70% lower than mined raw materials.
The $5 billion project, led by Northvolt's CEO and co-founder Peter Carlsson, underscores the company's commitment to sustainable battery production. With the support of the German government and the European Union, Northvolt continues to drive innovation in the electric vehicle industry.
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