Battery Maker Northvolt Raises Funds For New 'gigafactory'
Umer Jamshaid 15 days ago Wed 09th June 2021 | 03:00 PM
Stockholm, June 9 (UrduPoint / Pakistan Point News - 9th Jun, 2021 ) :Swedish electric car battery maker Northvolt said Wednesday it has raised billions of Dollars in fresh funding to expand a giant new factory under construction in the north of the country in order to meet massive demand from key customers and partners such as German automaker Volkswagen.
The battery maker said the cash will be used to expand its first "gigafactory", Northvolt Ett, "from the earlier plan of 40 GWh to 60 GWh of annual production capacity in order to meet the increased demand from key customers, including a $14-billion order from Volkswagen announced earlier this year." The factory will commence production "later this year".
In addition, Northvolt said it has so far secured "in excess of $27 billion worth of contracts" from key customers, including BMW, Fluence, Scania and Volkswagen, to support its plan, "which also includes establishing recycling capabilities to enable 50 percent of all its raw material requirements to be sourced from recycled batteries by 2030."In a separate statement on Wednesday, Volkswagen -- which has a 20-percent stake in the Swedish startup -- announced it was maintaining its stake in Northvolt and would be contributing $620 million to the latest fundraising.