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GCC: Volkswagen to invest ~US$1B in joint battery activities with Northvolt AB; acquiring ~20% of shares, JV for 16 GWh

Posted: Wed Jun 12, 2019 4:59 pm
by GRA ... 12-vw.html
. . . a 50/50 joint venture to build a 16 GWh battery cell factory in Europe is planned during the course of this year. It is intended to locate the factory in Lower Saxony (Salzgitter) if the preconditions for this are fulfilled.

Construction of the production facility is scheduled to start, at the earliest, in 2020. Battery cell production for Volkswagen is slated to commence around the end of 2023/beginning of 2024. . . .

Under its electrification strategy, the Volkswagen Group’s annual capacity requirements in Europe alone from 2025 are in excess of 150 GWh; the company expects demand on a similar scale in Asia.

Northvolt is a European supplier of sustainable, high-quality battery cells and systems. The company is currently setting up pilot production of battery cells and a battery cell production facility (Northvolt Ett) with an initial capacity of 16 GWh in Sweden. The gigafactory will be expanded to at least 32 GWh. . . .