Volkswagen: invests E500m in Northvolt batteries
(CercleFinance.com) - Volkswagen is participating with a contribution of 620 million dollars (about 500 million euros) in a financing round organised by its Swedish battery partner Northvolt AB with a total volume of 2.
75 billion dollars.
This investment enables Volkswagen to maintain its constant stake in the company at almost 20%. The funds raised are to be used for capacity expansion in production, recycling and R&D.
Amongst other things, Northvolt intends to expand the capacity of its Northvolt Ett gigafactory in Skellefteå, northern Sweden, from 40 GWh to 60 GWh per year to meet increased customer demand.
This site will also concentrate the production of Volkswagen's premium cells: their production is expected to start in 2023, with the annual capacity for Volkswagen gradually increased to 40 GWh.
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