Electric vehicles manufacturer Northvolt plans to expand its Li-ion unit in Skellefteå, Sweden from 40GWh to 60GWh per year with an investment of $2.75bn.
With this private equity placement, Northvolt will have raised $6.5bn in total debt for its plans, gaining contracts from industrial clients like BMW, Volkswagen and Scania. The Swede will aim to source at least 50pc of its raw material from scrap Li-ion batteries in the next ten years. The company has targeted an annual capacity of over 150GWh by 2030.
Northvolt’s Swedish gigafactory will start production in H2 2021, according to the company’s statement on Wednesday.