Northvolt gets a strategic investment deal of EUR 10M from Vestas.

Denmark Sweden Investments 15 December 2017
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Northvolt, a Swedish-based company aiming to develop the largest electric batteries in Europe, announced getting into an investment agreement with Vestas for EUR 10M ($11.8M).

The investment represents an initial phase of a technology collaboration on the development of a lithium-ion battery platform for Vestas power plants.

Vestas, which is one of the largest wind turbine company in the world and led by CEO Anders Runevad, is looking to bring the most competitive and sustainable hybrid storage solutions to the market and to better integrate storage and renewable energy generation technologies as a means to meet broader industry challenges and increase the uptake of more renewables. This is being done both through existing research and development, and by combining it with unique competencies and experiences of new partners. In this way, Northvolt will become a part of Vestas’ hybrid supplier ecosystem.

Northvolt, founded by CEO Peter Carlsson, is building a next generation battery factory with the aim to produce the world’s greenest batteries to enable and accelerate the transition to renewable energy.

Northvolt is at its second strategic investment receieved in 2017, after having announced getting into a similar strategic EUR 10M deal with ABB. The company will build its lithium-ion battery manufacturing facilities in two Swedish municipalities, Skellefteå and Västerås.