Volkswagen investing €900 million in joint battery activities with Northvolt
Part of the sum is intended for a joint venture with the Swedish battery cell producer, a further share will go directly to Northvolt AB.
In return, Volkswagen will acquire about 20 percent of the shares in Northvolt AB and will have one seat on the Board of Directors, subject to approval under antitrust legislation.
Furthermore, a 50/50 joint venture to build a 16 GWh battery cell factory in Europe is planned during the course of this year.
It is intended to locate the factory in Lower Saxony (Salzgitter) if the preconditions for this are fulfilled.
Construction of the production facility is scheduled to start, at the earliest, in 2020.
Battery cell production for Volkswagen is slated to commence around the end of 2023/beginning of 2024.
Northvolt is a European supplier of sustainable, high-quality battery cells and systems.
The company is currently setting up pilot production of battery cells and a battery cell production facility with an initial capacity of 16 GWh in Sweden.
Founded in 2016 to enable the European transition to a decarbonized future, the company has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint and the highest ambitions for recycling.
Apart from Volkswagen AG, Northvolt’s industrial partners and customers include Scania, ABB, BMW, Siemens, Vattenfall and Vestas. ■