Europe’s $12 billion battery start-up produces its first lithium-ion mobile

Swedish battery maker Northvolt presented Wednesday it has produced its first lithium-ion battery mobile at its production facility in Skelleftea, meeting its cut-off date to start out out production at the plant previous than the top of 2021.

Northvolt, which used to be as soon as valued at $12 billion by the use of consumers in June, said it’s the main battery of its type to have been completely designed, advanced and assembled at a so-called gigafactory by the use of a homegrown Eu battery company.

A gigafactory may also be classed as a large-scale battery plant where the once a year output is measured in gigawatt-hours (GWh). The facility, Northvolt Ett in Skelleftea, is expected to have a once a year output of 60 GWh.

The battery mobile were given right here off the producing line at the gigafactory on Tuesday, Northvolt said.

“In truth, this number one mobile is absolute best the beginning,” Peter Carlsson, co-founder and CEO of Northvolt, said in a commentary.

“Over the method the impending years, we look ahead to Northvolt Ett expanding its production capacity very a lot to allow the Eu transition to wash energy.”

The majority of the sector’s electric automotive batteries are in recent years made throughout the U.S. and Asia, alternatively Northvolt hopes to modify this.

Despite being less than 6 years earlier, Northvolt has signed more than $30 billion worth of contracts with customers along side carmakers BMW, Volkswagen, Volvo and Polestar.

Tesla has a pilot plant where it is trying to make its non-public battery cells but it in recent years uses batteries from CATL, Samsung, Panasonic and LG in its energy storage techniques and cars.

Northvolt said commercial deliveries will delivery in 2022, together with that production capacity will construct as much as 60 gigawatt-hours throughout the coming years, which is enough to supply batteries for spherical 1 million electric cars. 

The company has raised more than $6.5 billion from numerous consumers to have the same opinion it enlarge its operations.

The most recent funding round, Northvolt’s biggest however, used to be as soon as co-led by the use of Goldman Sachs and VW, alongside new consumers along side Swedish pension finances AP1, AP2, AP3, AP4 and Canadian pension provider OMERS. Previous consumers similar to Spotify CEO Daniel Ek and investment keep an eye on corporate Baillie Gifford moreover invested throughout the round.