Swedish battery manufacturer Northvolt announced that it signed a massive $ 14 billion battery deal with Volkswagen.
The scope of the partnership between the two companies is also expanding.
Swedish lithium-ion battery manufacturer Northvolt announced that it received an order of over $ 14 billion from German automotive giant Volkswagen. In order to fulfill this order for the next 10 years, the Northvolt Ett battery factory in Sweden will need to be expanded.
The company also announced that it will sell its stake in the joint venture Northvolt Zwei to Volkswagen and increase the automaker’s stake ownership in Northvolt. Northvolt, which will compete with major Asian companies such as CATL and LG Chem, aims to reach a 25 percent market share in Europe by 2030.
Had bought Cuberg
The Swedish company has now received $ 27 billion in battery orders from key customers. Founded by former Tesla executive Peter Carlsson in 2016, Northvolt bought Cuberg, a US-based battery company, last week to reach the technology to increase the range of electric vehicles powered by its own batteries.