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World NewsEurope's Tesla battery rival produces lithium-ion cell

Europe’s Tesla battery rival produces lithium-ion cell

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

Northvolt

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

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

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

“Of course, this first cell is only the beginning,” Peter Carlsson, CEO and co-founder of Northvolt, mentioned in an announcement.

“Over the course of the coming years, we look forward to Northvolt Ett expanding its production capacity greatly to enable the European transition to clean energy.”

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

Despite being lower than six years outdated, Northvolt has signed over $30 billion value of contracts with clients together with carmakers BMW, Volkswagen, Volvo and Polestar.

Northvolt mentioned business deliveries will start in 2022, including that manufacturing capability will enhance 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 corresponding to Spotify CEO Daniel Ek and funding administration agency Baillie Gifford are additionally investing within the spherical.

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