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Northvolt AB
Company typeAktiebolag
Founded2015; 9 years ago (2015) (as SGF Energy)
Founders
Headquarters
Stockholm
,
Sweden
Key people
Number of employees
  • Increase 5,500+ (2024)
  • 4,167 (2022)
Websitenorthvolt.com Edit this at Wikidata
Footnotes / references
[1][2][3]

Northvolt AB is a Swedish battery developer and manufacturer, specialising in lithium-ion technology for electric vehicles.[4] Founded in 2015 by two former Tesla executives, it commissioned its first manufacturing plant in Skellefteå, Sweden in 2021 and has announced plans for five others in Europe and North America.

History

The company was founded as SGF Energy in 2015 by Peter Carlsson [sv] (now CEO) and Paolo Cerutti (now CEO Northvolt North America) who were working in Supply Chain and Operations Planning at Tesla Motors prior to that.[4][5][6][7]

In 2017, the company changed its name to Northvolt.[8] It was founded with the aim to supply the automotive industry with electric vehicle batteries.[5][9] In May 2019, the European Investment Bank offered a loan of 3.5 billion SEK (about €350 million).[5]

In June of the same year, companies such as the BMW Group, Volkswagen Group, Goldman Sachs and Folksam announced that they would invest in the company. In total, the investments amounted to US$1 billion, framed as a way to challenge what was reported as the dominance of Tesla, Inc. and Asian companies such as Toyota and Nissan on the market for electric vehicle batteries.[10] The company started building a battery factory in Skellefteå, Sweden, with the aim to start production of electric vehicle batteries in 2021.[5] The first battery in Skellefteå was assembled in December 2021, and the first customer cell deliveries were made in 2022.[11][12]

In 2019, Volkswagen and Northvolt announced that a second factory would be built in Salzgitter, Germany, aiming to start production in 2023–2024. The aim was to start production at 16 GWh, and increase it to 24 GWh. In May 2020, Volkswagen announced that it would build the factory largely on its own, and invest 450 million euros in the construction.[5] On 16 July 2020, it was announced that Northvolt and BMW had signed a deal of 2 billion euros, for Northvolt to deliver batteries starting from 2024.[13]

On 30 July 2020, a €350 million loan was issued to Northvolt by the European Investment Bank with the backing of the European Union's InnovFin programme to build a demonstration line for a new type of battery which it started producing at the end of 2019. As part of the Investment Plan for Europe, Northvolt received a $350 million loan for its Skellefteå factory from the EIB, using the guarantee of the European Fund for Strategic Investments.[4]

News website EURACTIV stated in an article that "Northvolt is quickly building a reputation as the EU’s go-to company for home-grown batteries."[9] On the same day, it was announced that Northvolt had been issued loans amounting to US$1.6 billion from a consortium of commercial banks, pension funds and other financial institutions.[14]

On 22 August 2023, Northvolt raised $1.2 billion amid plans to open a battery plant in Canada.[15] In December 2023, a classified interim report uncovered by Dagens Industri showed that the company in the first nine months of 2023 performed with a net loss of about $1 billion (SEK 11 billion).[16] In January 2024 Northvolt raised another $5 billion through green lending.[17][18]

Structure, partnerships and ownership

In 2019, Volkswagen invested 900 million Euros in Northvolt amounting to a share of 20% and a seat on the board.[19][20]

Locations

The headquarters of Northvolt are in Stockholm.

Research and Development

Its center for research and development is situated in Västerås, Sweden.[14]

Construction of the first factory in Skellefteå, June 2021.

Northvolt Ett

Northvolt has a factory in Skellefteå, northern Sweden, which Northvolt plans to ramp up to 60GWh.[21]

The factory will be the largest in Swedish history, creating challenges for newcomers and the existing community.[22] The nearby hydropower plant of Skellefteå Kraft provides enough green energy for the factory.[23] Nearby mines in Sweden and Finland can supply some of the needed metals like nickel and cobalt.[24]

In late December 2021, the company announced that the Skellefteå Northvolt Ett ("One") gigafactory, with 500 workers, had produced its first batch of prismatic cells, as part of its machinery commissioning process.

Factory completion and initial customer shipments have been realised in 2022.[25] The company projects battery output of 16 gigawatt hours (GWh), enough for ~300,000 EVs, by 2024. With full production lines and staffing, the plant expects to produce 60 GWh of batteries with 3,000 employees.[23][26]

During the first nine months of 2023 the factory output was 79,8MWh.[27]

Northvolt Dwa

Northvolt Dwa (Polish: two) is located in Gdansk It started operations in 2019. This factory not only produces batteries, but also develops solutions for excavators, mining machines, energy storage or forklifts.

Northvolt Drei

At the beginning of 2022, the company announced its intention to build another battery factory in Dithmarschen near Heide. The new plant, which is to provide work for about 3000 employees, is to produce battery cells with a capacity of about 60 GWh per year.[28] The project would be according to Northvolt be powered by “almost 100% renewable energy”.[28] In January 2024, the Northvolt Drei gigafactory was green lit following €902 million funding approval from the European Commission under the TCTF aid initiative and approval by local municipalities.[29] The cell production plant was scheduled to go into operation in 2025. However, the project was put on hold partly because of the high electricity prices in Germany.[28]

Northvolt Volvo Cars Joint Venture

In the vicinity of the Volvo plant near Gothenburg, Northvolt is building a new lithium-ion battery factory that will supply not only Volvo but also the Polestar brand. Production is scheduled to start in 2025.[30][31]

Northvolt Fem

Northvolt Fem (Swedish: five) is the second gigafactory planned by Northvolt in Sweden. It is to be built on the site of the Kvarnsveden paper mill in Borlänge. The patch was purchased from Stora Enso and is Northvolt's first converted factory site. It is scheduled to open in 2024. The factory is designed to have a peak capacity of more than 100 gigawatt hours of cathode material. Northvolt has at the same time entered in a development agreement with Stora Enso who provides lignin-based hard coal from sustainably managed forests as anode material for Northvolt.[32]

Northvolt Six

In the fall of 2023, Northvolt announced a new battery gigafactory to be built near Montreal, Canada.[7][33] The factory plans to start production in 2026, with the objective of attaining full operational capacity of 60GWh by 2028.

Northvolt Cuberg (Advanced Technology Group)

2021 Northvolt acquired the Northern California start-up Cuberg. The group focuses on incremental improvements in lithium-ion technology to enable applications such as aviation.[34] Cuberg had spun out of Stanford University in 2015 [35] and has production facilities in San Leandro. Cuberg after third party testing has claimed to have achieved a near doubling of Lithium-metal cell cycle life.[36][35]

Northvolt together with Galp has selected the port city of Setúbal as location for its advanced lithium conversion unit.[37]

References

  1. ^ "Sustainability and annual report 2022". northvolt.com.
  2. ^ "Han tar klubban i Northvolt" [He takes the club in Northvolt]. realtid.se (in Swedish).
  3. ^ "Career". Northvolt. Retrieved 15 February 2024.
  4. ^ a b c "Swedish company gives jolt of energy for electric car battery tech". European Investment Bank. Retrieved 19 August 2020.
  5. ^ a b c d e Teknik, TT / Ny. "Klart: Northvolt börjar bygga i augusti". Ny Teknik (in Swedish). Retrieved 30 July 2020.
  6. ^ "Grönt ljus för miljardladdat Northvolt". Sydsvenskan (in Swedish). Retrieved 30 July 2020.
  7. ^ a b "Northvolt choisit le Québec, Canada, pour sa première usine à l'extérieur de l'Europe". Northvolt. Retrieved 8 February 2024.
  8. ^ "About". Northvolt. Retrieved 26 August 2019.
  9. ^ a b Kreslova, Evgeniia (1 March 2019). "The world's greenest battery". investEU – European Commission. Retrieved 30 July 2020.
  10. ^ Milne, Richard (12 June 2019). "VW and Goldman lead $1bn investment in Swedish battery project". Financial Times. Retrieved 30 July 2020.
  11. ^ "Northvolt Ett assembles first lithium-ion battery cell". northvolt.com. 29 December 2021.
  12. ^ "Northvolt and Scania unveil green battery capable of powering trucks for 1.5 million kilometers". northvolt.com. 19 April 2023. Retrieved 8 February 2024.
  13. ^ Brändström, Maria (1 July 2020). "Northvolt tecknar miljardavtal med biljätte". SVT Nyheter (in Swedish). Retrieved 30 July 2020.
  14. ^ a b TT (2 July 2020). "Miljardlån till Northvolt". SVT Nyheter (in Swedish). Retrieved 30 July 2020.
  15. ^ "Northvolt Raises $1.2 Billion Amid Canada Battery Factory Plans". Bloomberg.com. 22 August 2023. Retrieved 22 August 2023.
  16. ^ "Di avslöjar: Northvolts hemliga skräcksiffror". Dagens Industri.
  17. ^ Mukherjee, Supantha. "Sweden's Northvolt raises $5 bln green loan to expand battery factories". Reuters. Retrieved 18 January 2024.
  18. ^ "Sweden: EIB finances Northvolt's battery factory with over $1 billion". European Investment Bank. 18 January 2024.
  19. ^ Duxbury, Charlie (29 August 2019). "Battery venture could transform sub-Arctic Sweden". Retrieved 27 April 2023.
  20. ^ Hanley, Steve (15 June 2019). "Volkswagen Will Invest €900 Million In Northvolt". CleanTechnica. Retrieved 20 September 2023.
  21. ^ "Sweden's Northvolt raises $2.75bn to boost battery output". Financial Times. Retrieved 8 February 2024.
  22. ^ Orange, Richard (26 December 2020). "Battery gigafactory energises the frozen north". The Telegraph. ISSN 0307-1235. Retrieved 30 December 2021.
  23. ^ a b "Northvolt opens Europe's first homegrown battery gigafactory". Yahoo! News. Agence France-Presse. Retrieved 30 December 2021.
  24. ^ DUXBURY, CHARLIE (29 August 2019). "Battery venture could transform sub-Arctic Sweden". Retrieved 13 June 2023.
  25. ^ "Europe's first homegrown gigafactory delivers". Northvolt. 29 June 2022. Retrieved 31 October 2023.
  26. ^ Mukherjee, Supantha; Soderpalm, Helena (29 December 2021). "Northvolt battery plant sparks into life, a first for Europe". Reuters. Retrieved 30 December 2021.
  27. ^ "Di avslöjar: Northvolts hemliga skräcksiffror". Dagens Industri. 18 January 2024.
  28. ^ a b c Murray, Cameron (2 November 2022). "Economic climate starts to bite for battery gigafactory projects in Europe". Energy Storage. Retrieved 29 November 2023.
  29. ^ "EU Approves Almost $1B State Aid for Northvolt's German Gigafactory". Retrieved 8 February 2024.
  30. ^ Ramey, Jay (7 February 2022). "Volvo and Northvolt to Build Gigafactory in Sweden". Autoweek. Retrieved 2 April 2024.
  31. ^ Westerheide, Carla (18 July 2023). "Northvolt and Volvo pave the way for cell factory in Gothenburg". electrive.com. Retrieved 2 April 2024.
  32. ^ "Norrthvolt subsidiary Cuberg achieves 672 cycles with lithium metal cells". Electrive. 25 July 2022. Retrieved 31 October 2023.
  33. ^ "Northvolt's expansion to Quebec: CDPQ invests $150M to support construction of Northvolt Six". Retrieved 8 February 2024.
  34. ^ "Northvolt subsidiary Cuberg achieves 672 cycles with lithium metal cells". Electrive. 25 July 2022. Retrieved 10 October 2023.
  35. ^ a b "Swedish battery maker Northvolt buys U.S. startup Cuberg". Reuters. 10 March 2021. Retrieved 10 October 2023.
  36. ^ "Cuberg achieves near doubling of Li-metal cell cycle life; improved energy and power". Green Car Congress. 27 July 2022. Retrieved 10 October 2023.
  37. ^ "Galp and Northvolt select Setúbal to build advanced lithium conversion unit". 13 April 2022. Retrieved 30 March 2023.

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