Northvolt Unveils €4.5B Expansion Plan to Boost European Battery Production and Recycling
Northvolt, the Swedish battery manufacturer, has revealed ambitious plans to expand its operations in Europe. CEO Peter Carlsson expressed enthusiasm for the 'Northvolt Two' project, which includes a significant investment in Germany, backed by German Chancellor Olaf Scholz. The expansion aims to bolster Europe's battery production and recycling capabilities.
The expansion involves a $5 billion project to enlarge the Northvolt Ett gigafactory and its recycling plant, Revolt Ett. The project aims to reduce the carbon footprint of battery production by 70% by recovering battery-grade metals. Northvolt's commitment to sustainability is further underscored by its plans to power its battery cell production with wind energy.
In a strategic move, Volvo and Northvolt have formed a joint venture called Novo. This collaboration aims to strengthen vertical integration, with Northvolt already supplying Volvo with battery cells from its Northvolt Ett plant in Sweden. Additionally, a gigafactory is being constructed in Gothenburg, Sweden, set to begin exclusive production for Volvo in 2026.
Northvolt's expansion, backed by key political figures and industry giants like Volvo, signals a significant step towards Europe's battery production independence. The project's focus on sustainability and recycling not only supports the climate transition but also creates a more circular battery value chain.
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