Europe’s vision of building homegrown EV batteries to cut its reliance on China is dying. But China is more than ready to step in where other companies have failed.
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The electric Porsche 718 lineup is set to launch next year, bidding farewell to the gas-powered 718 Cayman and 718 Boxster. But that plan has hit a major snag in the fallout over Swedish battery maker Northvolt filing for bankruptcy.
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The European Commission is throwing a lifeline to its emerging EV battery sector with a hefty boost of €1 billion ($1,05b). But companies relying on Chinese materials are likely to be cut out. Question is, is it too late to save Northvolt?
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Europe’s “green dream” Northvolt has filed for bankruptcy protection in the US after a rescue package failed to go through, leaving the battery maker with just one week’s worth of cash in the account. Cofounder and CEO Peter Carlsson, who spearheaded a costly expansion, has also quit.
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Europe’s “green dream” Northvolt is fighting to keep afloat. The Swedish-owned battery maker is now hoping a fresh injection of millions of dollars from its cofounder will generate a rescue package from other investors and keep the lights on.
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Northvolt’s planned site for a new battery factory site in Canada has been sabotaged by a group of activists.
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Swedish lithium-ion battery producer Northvolt has raised an additional $5 billion, firmly locking in its position as one of Europe’s best-funded startups and recipient of the largest-ever green loan from the EU. The company is adding that cash to its pot of $13 billion in equity and debt to expand operations across the world.
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Swedish lithium-ion battery maker Northvolt locked in European approval for a €902 million ($986 million) subsidy from the German government to build its gigafactory there.
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Northvolt has announced that it has selected a location in Quebec, on the south shore of Montreal, to build a new $5 billion battery gigafactory.
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Northvolt is going forward with building its EV battery plant in Germany after the EU ups its subsidies game to compete with US incentives.
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Swedish battery manufacturer Northvolt is taking its technology to the skies, announcing a new program surrounding lightweight, energy-dense lithium metal cells and modules to support electric aviation. The electric plane battery development is already underway through Northvolt’s subsidiary Cuberg, which has some milestones to share.
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Swedish commercial vehicle maker Scania and Swedish battery startup Northvolt today unveiled a battery cell that they claim can power a heavy electric truck for 1.5 million kilometers (932,056 miles).
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Swedish battery manufacturer Northvolt is exploring the possibility of developing batteries that utilize carbon contained in locally sourced wood, to help lower their environmental impact and cost. Together with Finnish forestry company Stora Enso, Northvolt looks to scale this wood battery anode technology.
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Hydrovolt, the largest battery recycling plant in Europe, has started operations in Fredrikstad, Norway.
The plant is a joint venture between two Norwegian companies – Hydro, one of the world’s largest aluminum companies, and Northvolt, a battery producer building battery factories in Sweden and Germany.
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Battery manufacturing startup Northvolt announced today a new battery cell gigafactory coming to Germany.
It’s the firm’s third large-scale battery factory.
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Volvo and Northvolt announced plans today to build their previously announced battery gigafactory in Gothenburg, Sweden and hired a Tesla executive to lead the new plant.
It will have an annual capacity of up to 50 GWh to support the production of 500,000 electric cars per year, with operations aimed to start by 2025.
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Northvolt becomes the first homegrown European battery company to achieve battery cell production in Europe with the first cells being assembled at its “Northvolt Ett” gigafactory in northern Sweden.
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Northvolt announced that it has produced what it claims is the first battery cell with a cathode built “100% from recycled nickel, manganese, and cobalt.”
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Battery manufacturer Northvolt announced a new $2.75 billion round of investments to help add 60 GWh of production capacity. Volkswagen is contributing another $620 million in the round.
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Volkswagen Group confirmed that it placed a new order for $14 billion worth of battery cells from Northvolt’s Swedish gigafactory, and it is taking a bigger stake in the battery manufacturer.
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Northvolt has secured $1.6 billion in debt financing as it completes its massive battery factory and signs a battery supply contract with BMW.
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Swedish startup Northvolt, who secured massive backing from VW, has unveiled its own stationary energy storage solution to compete with Tesla Powerpack and Megapack.
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VW is reportedly paying less than $100 per kWh for the battery as it is trying to secure battery cell supply for its ambitious electric vehicle plans through a mix of supply deals and making its own cells at a new battery gigafactory with Northvolt.
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Northvolt, a battery startup founded by two former Tesla executives, announced a $1 billion equity capital raise for its battery gigafactory in Sweden, in addition to a planned 50/50 joint venture with Volkswagen on another gigafactory in Germany.
