Volkswagen Group announced on June 13 that it plans to invest 900 million euros in joint battery research and development with Northvolt. Part of the funds will be used to establish the joint venture, and the remainder will be used directly to invest in Northvolt. As a result, Volkswagen Group will acquire approximately 20% of Northvolt's shares and a seat on its board of directors, subject to antitrust approval from relevant agencies.

　　Volkswagen plans to invest 900 million euros in joint research and development of batteries with Northvolt

　　In addition, the Volkswagen Group plans to establish a 50:50 joint venture with Northvolt within the year and build a battery factory in Europe with an initial production capacity of 16 gigawatt hours (GWh). On the basis that all prerequisites are met, the battery factory may be located in Lower Saxony (Salzgitter). According to the plan, the factory will start construction as early as 2020 and start producing batteries for the Volkswagen Group at the end of 2023 or early 2024.

　　Volkswagen plans to invest 900 million euros in joint research and development of batteries with Northvolt

　　Dr. Stefan Sommer, Member of the Board of Management of the Volkswagen Group and Head of Procurement, said: “The Volkswagen Group is laying the comprehensive foundations for the successful implementation of its electrification strategy. As the Group’s partner in Europe, Northvolt’s technological advantages, sustainability and carbon optimization The company's battery production technology will assist the group's battery production in Germany. Of course, a sound economic framework is a necessary condition for battery production in Germany."

　　Under the guidance of its electrification strategy, the Volkswagen Group's annual battery capacity demand in Europe will exceed 150 gigawatt hours (GWh) in 2025 - a scale that may be comparable to its battery capacity demand in the Asian market.

　　Northvolt was co-founded in 2016 by Peter Carlsson and Paolo Cerruti, former vice presidents of Tesla's supply chain management department, to provide sustainable, high-quality batteries and battery systems. Currently, the company is promoting a pilot project for batteries and battery production facilities in Sweden, with an initial production capacity of 16 gigawatt hours (GWh). In addition to the Volkswagen Group, Northvolt's industry partners and customers include Scania, ABB, BMW, Siemens, Vattenfall Power and Vestas Wind Energy.

Read recommendations:

Ni-MH AAA1000mAh 1.2V

Learn about safety precautions for Lithium iron phosphate battery.CR1220 battery

Capacitor batteries by electrolyte type

551521 lipo battery

no 5 alkaline battery