Europe’s $12 billion battery start-up assembles its first lithium-ion cell

Europe’s $12 billion battery start-up assembles its first lithium-ion cell

Swedish battery creator Northvolt declared Wednesday it has produced its first lithium-ion battery cell at its manufacturing plant in Skelleftea, meeting its deadline to begin production at the plant before the finish of 2021.

Northvolt, which was valued at $12 billion by investors in June, said it’s the first battery of its sort to have been completely planned, created and gathered at a supposed gigafactory by a homegrown European battery organization.

A gigafactory can be classed as a large-scale battery plant where the yearly result is estimated in gigawatt-hours (GWh). The office, Northvolt Ett in Skelleftea, is relied upon to have a yearly result of 60 GWh.

The battery cell fell off the creation line at the gigafactory on Tuesday, Northvolt said.

“Of course, this first cell is only the beginning,” Peter Carlsson, co-founder and CEO of Northvolt, said in a statement.

“Over the course of the coming years, we look forward to Northvolt Ett expanding its production capacity greatly to enable the European transition to clean energy.”

Most of the world’s electric vehicle batteries are at present made in the U.S. furthermore Asia, yet Northvolt desires to change this.

Regardless of being under 6 years of age, Northvolt has marked more than $30 billion worth of agreements with clients including carmakers BMW, Volkswagen, Volvo and Polestar.

Tesla has a pilot plant where it is attempting to make its own battery cells however it as of now utilizes batteries from CATL, Samsung, Panasonic and LG in its energy stockpiling frameworks and vehicles.

Northvolt said business conveyances will start in 2022, adding that creation limit will increment to 60 gigawatt-hours before long, which is to the point of providing batteries for around 1 million electric vehicles.

The organization has raised more than $6.5 billion from a large group of financial backers to assist it with extending its tasks.

The most recent subsidizing round, Northvolt’s biggest yet, was co-driven by Goldman Sachs and VW, close by new financial backers including Swedish benefits finances AP1, AP2, AP3, AP4 and Canadian annuity supplier OMERS. Past financial backers, for example, Spotify CEO Daniel Ek and speculation the board firm Baillie Gifford likewise put resources into the round.