Stockholm lithium battery pack

Will Northvolt build a battery factory in Sweden?

Northvolt, a battery manufacturer founded by former Tesla executive Peter Carlsson, plans to build a 32 GWh lithium-ion battery factory in Sweden. The company expects to reach this level of production by 2023, and aims to produce 8 GWh worth of battery capacity per year in 2020.

Will Europe's first lithium-ion battery cell Gigafactory be financed?

The European Investment Bank (EIB) has agreed in principle to provide EUR 350 million in financing to support Northvolt's development of Europe's first lithium-ion battery cell gigafactory. The factory in Sweden will help reduce the EU's dependence on oil and imported batteries.

When will Northvolt start producing lithium-ion batteries?

That factory started producing the new type of battery at the end of 2019. Northvolt has already taken the next step, a lithium-ion battery factory in Skellefteå, northeast Sweden, which will employ up to 1 400 people and be a step towards further battery production capacity of 32 gigawatt-hours by 2023.

Where is Europe's largest 'green' battery factory located?

The construction of Europe's largest 'green' battery factory is underway in Sweden. After five years at the right-hand side of Tesla CEO Elon Musk, Peter Carlsson has returned to Sweden to build the world’s greenest battery factory.

Will a Swedish battery factory reduce EU dependence on oil and imported batteries?

The factory in Sweden will help reduce the EU's dependence on oil and imported batteries. The support follows an EIB loan to the Swedish company guaranteed by the InnovFin-EU finance for innovators initiative to build a battery demonstration plant.

Is Sweden a good place to invest in lithium?

Sweden is rich in minerals and the leading mining nation in Europe. Demand for batteries in electrical vehicles is surging, which leads to growing interests from foreign companies to explore Swedish lithium deposits.