Northvolt adds €10M from Siemens, partners in next generation lithium-ion battery cell production.

Sweden Investments 25 May 2018
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Northvolt, a Swedish-based company aiming to develop the best-in-class technology to produce high-quality, green lithium-ion batteries, announced getting into a partnership agreement with Siemens. The partnership, which will be supported by Siemens through an investment of EUR 10M ($11.7M), also includes the supply of lithium-ion batteries.

Northvolt, founded in 2016 by CEO Peter Carlsson, aims to enable the European transition to renewable energy, planning to build a $4bn plant expected to start large-scale production by 2020.

Siemens sees the Northvolt initiative as a reference project for the battery production of the future, which will rely on the integration and digitization of the entire value chain: from the design of the battery cell through production planning, engineering and production to services.

The technology partnership is set up around two main areas of collaboration: technology access - use of the Siemens' Digital Enterprise portfolio, encompassing everything from manufacturing planning and design software to automation - and supply of lithium-ion batteries - once completed in 2020, Siemens intends to purchase batteries from the factory, making Northvolt a preferred supplier.

So far, the company has raised more than $60M from investors including strategic ones such as big corporations ABB, Vesta and Scania.