Home News BMW Signs A $2.3 Billion Battery Deal With Sweden’s Northvolt

BMW Signs A $2.3 Billion Battery Deal With Sweden’s Northvolt

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BMW has already just signed a euro;two billion ($2.3 billion) provide deal with Swedish battery maker Northvolt.

As part of this deal, Northvolt will produce the battery cells required by BMW using power in a plant from northern Sweden. The very first battery cells will soon likely probably be delivered in 2024.

In a statement, BMW verified that 100 per cent will come in wind and hydroelectric power. Moreover, the cobalt and lithium will likely be sourced from mines that fulfil the sustainability criteria of BMW and also Northvolt.

Read Also: 2021 BMW iX3 Revealed As The Brand’s First Electric SUV With 285 Miles Of Range

BMW iX3 Battery Pack

Northvolt becomes more BMW’s second provider of battery cells, joining South Korea’s Samsung SDI and China’s Contemporary Amperex Technology. Northvolt was founded in 2016 by 2 Tesla executives and BMW first entered a collaboration to come up with battery cells back in mid-2018.

“Signing this arrangement is just another step towards meeting our requirement for battery cells at the very long term,” associate of this Board of Management of BMW AG responsible for Purchasing and Supplier Network, Andreas Wendt, said in an announcement. &ldquoWe are driving electrification of our automobile fleet. From 2023, we aim to have 25 electrified versions more than half of them fully-electric. ”

Northvolt raised $1 billion final year from investments that included BMW, Goldman Sachs and the Volkswagen Group to construct its battery-cell mill in northern Sweden, although the news of this battery supply agreement come only a couple days after the all-electric BMW iX3 has been unveiled.

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