Northvolt starts building its factory of electric batteries with a EUR 10M investment from ABB
Northvolt, a Sweden-based startup aiming to manufacture electric batteries, announced closing an EUR 10M ($11.9M) investment agreement with ABB, the Swiss conglomerate. The investment will be made through ABB Technology Ventures (ATV), which will support the initial phase of this project.
The deal involves a larger cooperating scheme, for a wide-ranging supply and technology partnership, including products and services for Northvolt’s state-of-the-art lithium-ion battery factory and close collaboration on development of battery solutions and R&D activities.
Northvolt, founded in 2015 by CEO Peter Carlsson, intends to build Europe’s largest and most advanced lithium-ion battery factory in Sweden. The factory will supply European customers in the automotive and key industries with high quality and customizable battery solutions.
The factory is expected to start production in 2020 and will most likely be located in Västerås, a city in central Sweden, at about 100 kilometres west of Stockholm. A demonstration-line will be ready by 2019 and will allow Northvolt to continuously optimize products and processes.
To date, Northvolt announced closing in about $15M in outside funding and presumably is looking to a larger round that will support the furter development of the company.