Volkswagen Joins BMW, Invests in Sweden’s Northvolt Battery Plant



Before this season BMW produced some daring moves towards a dependable, long term future. The Bavarian new signed deals using CATL, the leading battery provider for the automotive industry at the moment in addition to Northvolt. This, latter bargain, is currently in Europe’s largest lithium-ion battery plant that will open in Sweden. The company behind it raised some $1 billion and has the funds to put things in movement.

BMW was among the initial shareholders in the new facility and today Volkswagen has joined in, according to Automotive News Europe. VW will be buying about 20% of their Northvolt shares, in return the company opening a jointly-developed center for battery cells from Salzgitter, Germany. First, however, Northvolt should start its plant in Skelleftea, Sweden, that is thought to possess a capacity of 16 GWh in the beginning.

“Today isn’t only a terrific milestone for Northvolt, it also marks an integral time for Europe that obviously indicates we are prepared to compete in the coming tide of electrification,” Northvolt CEO and former Tesla executive Peter Carlsson said. The battery developer also claims it has orders worth about $13 billion right today, scheduled to keep them busy up until 2030. For VW it is paramount the Salzgitter plant also becomes usable in the near future.

According to Automotive News, operate on the German place will begin in the conclusion of 2023 or beginning of 2024 and additionally, it will have a capacity of 16 GWh. As a result of its huge investment in the project, Volkswagen will most likely have a seat on the board Northvolt, provided no antitrust legislation is busted. Both VW and BMW are gobbling up their electrification efforts, in a desperate bid to meet with environmental legislation goals. The average CO2 emissions of their individual fleets will need to go down to 101 grams/km prior to 2021.

The post Volkswagen Joins BMW, Invests in Sweden’s Northvolt Battery Plant appeared first on BMW BLOG

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