OMERS Co-Leads $2.75 Billion Equity Funding in Northvolt

Vishal Singh of Silicon Canals reports VW-backed Northvolt raises €2.27B to build the world’s greenest battery; here’s how:

Stockholm-based Northvolt is a lithium-ion battery manufacturing company that focuses on providing eco-friendly batteries. It provides electrification and renewable energy storage designed for lithium-ion battery plants to produce batteries for electric vehicles. The company is on a mission to deliver batteries with an 80 per cent lower carbon footprint compared to those made using coal energy.

Northvolt raises funds

In a recent development, Northvolt announced the signing of a $2.75B (approx €2.27B) private placement to finance. A private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than on the open market. Including this round, the company has now raised over $6.5B (approx €5.37B) in equity and debt, to date.

Peter Carlsson, co-founder & CEO of Northvolt, says, “We have a solid base of world-class investors and customers on-board who share Northvolt’s mission of building the world’s greenest battery to enable the European transition to renewable energy.”

Investors in this round

The round was co-led by new investors AP funds 1-4, via the co-owned company, 4 to 1 Investments; and OMERS, Ontario Municipal Employees Retirement System is a Canadian pension fund.

Existing investors Goldman Sachs Asset Management and Volkswagen Group also invested in this round. In addition, also participating in the equity raise are current owners AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania and Stena Metall Finans.

Goldman Sachs Bank Europe SE and Morgan Stanley & Co. International plc acted as financial advisors to Northvolt.

“Green batteries for a blue planet”

Founded in 2016 by Paolo Cerruti and Peter Carlsson, Northvolt is a European supplier of sustainable, high-quality battery cells and systems. It offers lithium-ion cells based around proprietary Lingonberry NMC chemistry available in cylindrical and prismatic formats.

Northvolt’s product is an environment-friendly battery manufactured with minimal carbon footprint and with recycling technology without compromising with important eco-systems, enabling the auto industry to replace fossil fuels with electricity in an efficient manner. It aims to establish a supply of sustainable battery cells and systems.

According to the company, in order to enable the European transition to a decarbonised future, it has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint. Northvolt has grown to more than 800 people from over 70 different nationalities at its facilities in Sweden, Germany, and Poland. 

Among Northvolt’s industrial partners and customers are ABB, BMW Group, Scania, Siemens, Vattenfall, Vestas and the Volkswagen Group.

Capital utilisation

The raised capital will help the company to further increase the battery cell production capacity and R&D efforts in order to meet the increasing demand of customers engaged in the transition to decarbonised, electric solutions.

The funds will also enable Northvolt in its expansion plan leading up to and beyond 150 GWh of deployed annual production capacity in Europe by 2030. 

In addition, Northvolt has to date secured in excess of $27B worth of contracts from key customers, including BMW, Fluence, Scania and Volkswagen, to support its plan, which also includes establishing recycling capabilities to enable 50 per cent of all its raw material requirements to be sourced from recycled batteries by 2030.

Future plans for Europe

Northvolt’s first gigafactory, Northvolt Ett, in Skellefteå, Sweden, will be expanded from the earlier plan of 40 GWh to 60 GWh of annual production capacity in order to meet the increased demand from key customers, including a $14B order from Volkswagen announced earlier this year. The factory will commence production later this year.

Co-founder & CEO of Northvolt, Peter Carlsson says, “We have been producing cells at our cell industrialisation facility, Northvolt Labs, for more than a year and are excited to now bring the knowledge and technology we have developed to the north and start large-scale production.”

To achieve its 2030 capacity target, the company currently expects to build at least two more gigafactories in Europe over the coming decade, and is actively exploring the opportunity of building the next of these in Germany. During the same timeframe, Northvolt foresees tremendous growth in other parts of the European value chain for battery manufacturing; from processing of raw materials to component and equipment manufacturing, to production of battery cells and systems and the build-up of recycling infrastructure.

Alexander Hartman, CFO of Northvolt says, “This is a new European industry in the making and it will require significant investments over the coming decade. It is encouraging to see that the investor community has identified the opportunity early, and we hope to see more investments throughout the value chain over the coming years.”

Benefits Canada also  reports OMERS in equity funding for Swedish battery manufacture

The Ontario Municipal Employees Retirement System is co-leading a US$2.75 billion ($3.3 billion) private placement to raise equity for Northvolt, a Swedish battery maker.

Alongside the OMERS, four Swedish public sector pension funds, Goldman Sachs Asset Management and the Volkswagen Group also co-led the private placement.

According to a press release, the equity injection will be used to fund the creation of high-capacity batteries for electric vehicles. It will also be used to expand its lithium-ion battery manufacturing facility in Skellefteå, Sweden.

The move is part of a broader effort to meet increased demand following a $14 billion order placed by Volkswagon earlier this year, noted the release. Northvolt is also planning to open two more major production centres in Europe by 2030.

Other investors in the equity raise included Northvolt shareholders, American Family Insurance and Arbejdsmarkedets Tillægspension, Denmark’s largest public pension investor.

OMERS put out a press release on the deal stating Northvolt raises $2.75 billion in equity to deploy further battery cell capacity – expands Swedish gigafactory to 60 GWh:

  • $2.75 billion private placement co-led by Swedish pension funds AP1, AP2, AP3, AP4 and OMERS Capital Markets alongside existing investors Goldman Sachs Asset Management and Volkswagen Group.

  • Current Northvolt shareholders AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania, and Stena Metall Finans participate in the equity raise.

  • Northvolt to expand Swedish gigafactory, Northvolt Ett, from 40 to 60 GWh of annual capacity to meet increased customer demand.

Stockholm, Sweden – Northvolt today announced the signing of a $2.75 billion private placement to finance further battery cell production capacity and R&D efforts in order to meet the increasing demand of customers engaged in the transition to decarbonized, electric solutions.

The private placement was co-led by new investors AP funds 1-4, via the co-owned company, 4 to 1 Investments, and OMERS, one of Canada’s largest defined benefit pension plans, alongside existing investors Goldman Sachs Asset Management and Volkswagen Group. Also participating in the equity raise are current owners AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania and Stena Metall Finans.

Including the private placement, Northvolt has now raised more than $6.5 billion in equity and debt to enable an expansion plan leading up to and beyond 150 GWh of deployed annual production capacity in Europe by 2030. In addition, Northvolt has to date secured in excess of $27 billion worth of contracts from key customers, including BMW, Fluence, Scania and Volkswagen, to support its plan, which also includes establishing recycling capabilities to enable 50 percent of all its raw material requirements to be sourced from recycled batteries by 2030.

Peter Carlsson, Co-Founder and CEO of Northvolt, commented:

“We have a solid base of world-class investors and customers on-board who share Northvolt’s mission of building the world’s greenest battery to enable the European transition to renewable energy.”

Northvolt’s first gigafactory, Northvolt Ett, in Skellefteå, Sweden, will be expanded from the earlier plan of 40 GWh to 60 GWh of annual production capacity in order to meet the increased demand from key customers, including a $14 billion order from Volkswagen announced earlier this year. The factory will commence production later this year.

“We have been producing cells at our cell industrialization facility, Northvolt Labs, for more than a year and are excited to now bring the knowledge and technology we have developed to the north and start large-scale production,” said Peter Carlsson.

In order to meet its 2030 capacity target, Northvolt currently anticipates building at least two more gigafactories in Europe over the coming decade, and is actively exploring the opportunity of building the next of these in Germany.

During the same timeframe, Northvolt foresees tremendous growth in other parts of the European value chain for battery manufacturing; from processing of raw materials to component and equipment manufacturing, to production of battery cells and systems and the build-up of recycling infrastructure.

“This is a new European industry in the making and it will require significant investments over the coming decade. It is encouraging to see that the investor community has identified the opportunity early, and we hope to see more investments throughout the value chain over the coming years,” said Alexander Hartman, CFO of Northvolt.

Goldman Sachs Bank Europe SE and Morgan Stanley & Co. International plc act as financial advisors to Northvolt. 

This is a significant private placement in Northvolt, a battery cell manufacturer at heart which offers high-performance lithium-ion cells based around proprietary Lingonberry NMC chemistry available in cylindrical and prismatic formats.

 


 


Why is Northvolt so important? In short, there is an electric vehicle revolution taking shape.

Maddy Savage of BBC News reports on gigafactories and how Europe tools up against US and Asia as a car battery force:

Surrounded by a forest of tall green pine trees, 125 miles south of the Arctic circle, a giant electric battery factory is rapidly taking shape on a site as big as 71 football pitches.

The project will be a gigafactory, a term coined by Tesla founder Elon Musk to describe his first high-volume plant for producing lithium-ion electric battery cells, deep in the Nevada desert.

Startup Northvolt, co-founded by two former Tesla executives, is in Skellefteå, a much chillier location, in northern Sweden.

But from here, as well as a base in Västerås just outside Stockholm, it is hoping to provide a quarter of Europe's electric batteries, as demand for electric vehicles surges amidst the global race to cut carbon emissions.

By 2030, 40% of all new cars sold will be electric according to the latest forecast by the investment bank UBS, rising to almost 100% of the new car market by 2040.

"If you look at the agenda for all the automotive manufacturers to actually make those electric cars, the amount of cells that you'll need to access, is going to be humongous," says the plant's manager Fredrik Hedlund.

Although many of the imposing grey buildings are yet to have much equipment installed, Mr Hedlund is confident everything will be in place in time for production to start by the end of 2021.

Northvolt aims to make enough batteries to power almost 300,000 electric vehicles a year. It's already received a $14bn order from Volkswagen to produce its batteries for the next decade, and has plans for a long-term partnership with Swedish truck and bus maker Scania.

It recently announced that it had raised another $2.75bn (£1.94bn; €2.26bn) to fund its expansion.

"We are building a totally new industry that hasn't really existed, especially in Europe, at this scale," says Mr Hedlund, striding across the high-security site in a neon yellow jacket. "I think, not only myself but a lot of people, think that this is the coolest project in Europe right now." 

In northern Sweden at least, there hasn't been a more-hyped project since miners literally struck gold 100 years ago. But for Northvolt, water is now the region's most valuable asset as the manufacturer seeks to make "the world's greenest battery", by ensuring its production techniques are as climate-friendly as its product.

Renewable hydroelectric energy from the Skellefte river will fuel the battery-making process on the site, which includes using giant mixers to combine lithium, cobalt and other metals, and drying out active material in rows of industrial ovens, which have just been installed. Local access to raw materials and plans for an on-site battery recycling plant will also keep down the plant's own carbon footprint.

There are still gaps in the green loop though, with some employees commuting weekly by plane from other Swedish cities and many others driving non-electric cars to the site.

But the firm's efforts are far from greenwashing, according to Math Bollen, a professor in electric power engineering, at Luleå University of Technology's campus, on the other side of the Skellefte river. "It's certainly going to be more green than what others are making," he says. "They [have] taken a very good first step - let's hope others follow it."

While Northvolt's green credentials (and perhaps its picturesque and far-flung location) have put the Swedish project in the spotlight, the company is one of a growing number of European companies making inroads in the gigafactory industry, which, alongside Tesla, has largely been dominated by Asian players.

Norwegian energy company Freyr is planning a gigafactory fuelled by wind and hydro energy in Mo i Rana, a remote coastal town close to one of the country's most popular ski resorts. Daimler and BMZ have already set up energy-efficient gigafactories in Germany. French start-up, Verkor, is planning a facility north of Toulouse.

The UK is running slightly behind its northern European neighbours, although a 235-acre (95 hectare) site in Northumberland is set to become the first operational gigafactory by late 2023. Run by a firm called Britishvolt (which has nothing to do with Sweden's Northvolt despite its similar name), it will be fuelled by hydroelectric energy sourced from Norway, as well as offshore wind farms.

"We're certainly sprinting very hard now to catch up with the others," says the company's chairman Peter Rolton. He has ambitious plans to not just "give the UK its own local supply of electric vehicle batteries," but produce enough products to plug gaps in other European countries as demand for electric cars grows.

London-based Sandy Fitzpatrick, who monitors vehicle trends for global technology analysis firm Canalys, is confident there will be plenty of room in the market for the new rush of European players.

She says a plentiful supply of locally sourced batteries will be good for the electric car market, but it will also be an important branding strategy for European carmakers.

They're facing increasing pressure to offer genuinely sustainable business models after the so-called diesel-gate scandal, which saw Volkswagen caught using illegal software to manipulate the results of diesel emissions tests.

"Saying that their whole supply chain has components that are green and sustainably manufactured is a very good message to go out to consumers with," says Ms Fitzpatrick, "as opposed to using components that are flown in and have a high carbon footprint because they are transported from all over the world and are produced with very coal-intensive methods".

But she believes European car and battery manufacturers will continue to face tough competition from major Asian brands, many of whom have already set up their own gigafactories in the EU. These include LG Chem, which has a plant in Poland, and Samsung SDI and SK Innovation who've built factories in Hungary.

"They've got the experience. They've got the market know-how... and more importantly, they've got the capital," says Ms Fitzpatrick. "Battery manufacturing is hugely capital intensive. So they're going to enter Europe with deep pockets."

If European gigafactory firms want to thrive against this competition, she says they'll need continued investment, alongside practical support from national and regional governments to optimise trading conditions, and provide "perks [and] incentives to help them along".

Back in Skellefteå, Northvolt does seem to be ticking those boxes. The company has secured $3.5b in funding, including a $350m loan from the European Investment Bank, and financial support from the state-funded Swedish Energy Agency as well as the German government, following the Swedish startup's multimillion dollar deal with Volkswagen.

The company is also collaborating closely with universities in the region, and has strong backing from the local municipality, which lobbied Northvolt to choose Skellefteå as a base because of it's hydropower, even before the startup had it on its shortlist.

"It's a win-win for both of us," says the town's Deputy Mayor Evelina Fahlesson. "We want to be a role model in the green transition... and we have an ageing population, so we need to have a growing labour market."

Northvolt's presence is expected to create around 10,000 new jobs in the region, and the city is already investing in thousands of new energy-efficient homes, electric buses, winter-friendly cycle lanes and even an electric plane project, all designed to create a green and liveable city for the new influx of national and global talent.

There is already something of a "boom town" atmosphere, with buzzing waterfront bars, shiny new shopfronts and an almost-finished cultural centre which will be one of the world's tallest wooden buildings.

"It will get harder to find an apartment because prices are going up," says 20-year-old student Gabriel Kitebwini, who's enjoying a drink on the riverside. "But I think it is good. Because we get more new people from around the world travelling, coming into our city - we get a bigger city."

"It's a new atmosphere in the municipality," agrees Ms Fahlesson. "Before, people moved out of Skellefteå, but today we see them moving back."

After reading this, you understand what the big deal is and why world-class long-term investors are toppling over each other to invest in Northvolt and others who are building gigafactories to supply car manufacturers.

I also wonder why Quebec doesn't look into signing a deal with Northvolt to build a gigafactory here given our abundant hydroelectric power.

One thing is for sure, this is the future and it's happening faster than we think and competition is heating up.

Over the weekend, I read a CNBC article by Bob Woods on how GM and Ford are all-in on EVs, going over how their dealers feel about it:

After years of come-and-gone predictions that battery-powered sedans, pickups and SUVs would replace gas-guzzling, emissions-spewing models, the shift to electric vehicles is revving up. Beyond EV pioneer and market leader Tesla, virtually every major auto manufacturer is lining up to flip the e-switch and it is not just a big deal for consumers, but the thousands of auto dealerships across the country that will need to embrace the electric future.

General Motors has said it’s aiming to produce only EVs by 2035, with 30 new plug-in models arriving by 2025, marking a $27-billion investment. Ford, which previously committed $22 billion to EV development, just announced that 40% of its vehicles will be electrified by 2030. Toyota, Volkswagen, Daimler, Hyundai, Fiat Chrysler, Honda and other automakers are making similar pledges.

In preparation for this onslaught of new models, franchise car dealers in the U.S. — many of them longtime small businesses located in suburban and rural communities — are gearing up. Salespeople are getting ready to put you in an EV today. And because EVs have fewer moving parts, service technicians are being trained to maintain them.

“EVs are the big issue right now,” said Mark Paladino, general manager of Colonial Ford in Danbury, Connecticut, and a 40-year veteran in the business. He was still excited about Ford’s debut of the F-150 Lightning pickup, an all-electric version of the best-selling vehicle line in the nation for four decades running.

Ford F-150 Lightning ‘beyond expectations’

Paladino’s excitement is warranted, considering that Ford.com tallied 70,000 reservations for the Lightning within the first week of its official release on May 19, with $100 deposits plunked down for each, said Jason Mase, Ford’s cross vehicle marketing manager. That followed the successful introduction of Ford’s Mustang Mach-E electric vehicle, where 70% of initial customers were new to Ford. For the F-150 Lightning, Mase said, “90% ordered the highest trim level and 80% ordered the extended-range battery. ... It was beyond our expectations.”

Colonial is one of 2,300 Ford dealers, among a total of roughly 3,000, that have volunteered to become EV-certified, an investment that entails training sales and service personnel, upgrading battery-charging stations and purchasing special equipment, parts and tools. The remaining third have thus far opted out of spending nearly $50,000 for the certification. Other manufacturers are asking for upwards of $300,000 for the designation.

“We were all in right away,” Paladino said, adding that the family-owned dealership was previously trained on several gas-electric hybrid models, as well as Ford’s first-ever EV, the 2021 Mustang Mach-E SUV, introduced in December. “We see EVs as a part of our business that will only get larger, and we want to be in that world.”

EVs comprise less than 3% of overall new-car sales in the U.S.  Tesla has dominated the market, making up about about 55% of it, according to Credit Suisse — though that’s down from 72% a few months ago, reflecting the growth in competition.

Although EVs now represent only a fraction of the U.S. automotive fleet, they “are eventually going to become a significant part of a car retailer’s business,” said Chris Sutton, vice president of automotive retail for market research firm J.D. Power.

A Bloomberg New Energy Finance report estimated that by 2040, EVs will account for 58% of worldwide passenger vehicle sales, with China, Europe and the U.S., respectively, leading the pack. 

“By providing their sales and service expertise, and as an education resource for customers, they add value to automakers,” Sutton said of dealerships. Though he added that because EV sales to date have been concentrated in coastal states, Michigan and Texas, many dealers elsewhere remain in wait-and-see mode.

Two-thirds of car consumers interested in EVs

In addition to manufacturers’ ambitious targets, the Biden administration has proposed spending nearly $42 billion to build out the nation’s EV battery-charging infrastructure, gas prices have inched up and ExxonMobil’s shareholders elected three climate-friendly directors supported by an activist investing group to its board. Support for Biden’s infrastructure spending plan, however, to which EV infrastructure spending is tied, remains uncertain.

Car dealers are focused on the here and now. They should be heartened, then, by a Cars.com survey that reveals two-thirds of Americans are interested in buying an EV, despite barriers such as higher sticker prices than internal combustion engine (ICE) models and the paucity of charging stations. Plus, some EVs still qualify for a $7,500 federal tax credit, while states such as California, New Jersey and New York offer additional rebates up to $5,000.

These data help explain why the 17,000 members of the National Automobile Dealers Association (NADA) “can’t wait for EV products to get here,” said NADA President and CEO Mike Stanton. “Dealers are in the business of selling cars and making customers happy, so why wouldn’t they want to sell EVs?” he said, dismissing reports of lackluster enthusiasm among dealers.

Political support for climate change policies vary across the nation, and in the past year support has been dropping among Republicans for the federal government making action on clean energy a top priority, according to a recent survey conducted by the Yale Program on Climate Change Communication and George Mason Center for Climate Change Communication. But considerable support remains among conservatives for providing tax rebates to people who purchase energy-efficient vehicles or solar panels: 78% of moderate Republicans and 60% of conservative Republicans. It was the only “climate-friendly energy policy” in the survey which a majority of both moderate Republican and conservative Republican registered voters support.

One genuine concern for dealers, however, is the fact that EVs don’t require oil changes, transmission repairs and other service owners of ICE vehicles routinely bear — and that account for 50% of dealers’ gross profits. A 2019 report from AlixPartners estimates that dealers could see $1,300 less revenue in service and parts over the life of each EV they sell.

Even though 70% of aftermarket service of ICE vehicles is handled by independent shops, franchise dealers don’t want to cede EVs to them, especially as consumers familiarize themselves with battery charging and other peculiarities. “The EV owner might trust the dealers more to perform service than the aftermarket shops earlier in their ownership period,” Sutton said.

The service element doesn’t necessarily worry Rita Case, CEO of Rick Case Automotive Group in Ft. Lauderdale, which represents VW, Hyundai, Honda, Audi, Mazda and other brands at its dealerships in south Florida and Atlanta. “EVs need tires, brakes, batteries, lights and some steering and drivetrain maintenance,” she stated. Rick Case Auto is already selling and servicing a limited number of EVs and hybrids, but “within the last six months we’ve ramped up EV training for our salespeople and technicians and purchased new charging equipment” in anticipation of increased consumer demand for new electric models, Case said.

GM has been readying its 4,100 franchise dealers over the past year, not only for the refreshed Chevrolet Bolt — an early EV entrant that has gone through a recent design — but also the upcoming electric GMC Hummer and the Cadillac Lyriq. “Service is critical to what our dealers do today and will be in the future,” said Travis Hester, GM’s chief electric vehicle officer. “EV service will definitely evolve and won’t be exactly the same” compared to that for ICE vehicles, he said, noting that some EV parts may last 10 to 15 years. “No one is panicking about it, but we know it’s going to change over time, so we’re working with our dealers on that.”

Meanwhile, Paladino can’t keep up with Colonial Ford’s conventional service demands. “We’re booking and servicing every vehicle we can,” he said. “Right now, I’m three weeks out in servicing your car.”

Online auto sales threat

Another issue on dealers’ minds is direct-to-consumer (D2C) sales, the business model that’s fueled Tesla’s marketing of more than 385,000 EVs on U.S. roads to date. Tesla does operate about 130 company-owned showrooms, yet sales are transacted online. At last count, 33 states allowed D2C auto sales, with others’ legislatures debating bills that would bypass the so-called franchise system that has legally connected dealers and manufacturers for more than a century. NADA, states’ dealer groups and traditional automakers have advocated maintaining the franchise system, claiming that it levels the playing field.

Then again, online marketing is nothing new to car manufacturers and dealers. Every brand maintains a website where shoppers can peruse models and pricing, and even custom design a new car. But they’re ultimately referred to a local dealer, who completes the transaction and aims to establish a loyal relationship that includes routine maintenance, service and perhaps a future sale.

Generating foot traffic — the proverbial “kicking the tires” routine — is the lifeblood of dealers’ business models, so to survive they will have to adjust to consumers’ appetite for buying directly online, a routine that only expanded during the pandemic. That means letting manufacturers take reservations and deposits online, as Ford and other manufacturers are doing, and finding ways to attract and foster long-term relationships with a new generation of EV drivers, such as special test-drive events, on-site charging and mobile service techs who make house calls. “The dealer network has been around for a long time because they are able to pivot to where the market is and what customers expect and require,” Sutton said.

The auto industry is at an inflection point in the transition to EVs, and dealers large and small will have to pivot once again. “If you’re going to play in the EV sector, you’ve got embrace it now — the charging infrastructure, the parts, the equipment, the labor,” Paladino said.

While Case is waiting for greater demand for EVs, she’s “super positive” about the future. “I’m in the business of selling cars, and one thing I know for sure is people are going to want cars.”

Again, I'm sharing all this with my readers to explain a long-term secular trend that is literally still in its infancy.

Electric vehicles need batteries and not just any battery.

Stockholm-based Northvolt is a lithium-ion battery manufacturing company that focuses on providing eco-friendly batteries. It provides electrification and renewable energy storage designed for lithium-ion battery plants to produce batteries for electric vehicles. The company is on a mission to deliver batteries with an 80 per cent lower carbon footprint compared to those made using coal energy.

This is why OMERS and other global pensions are investing billions to help this company grow its operations, it's a sound long-term investment which will pay huge dividends over the long run.

Below, electrification and renewable energy storage are the keys to a carbon neutral society. Batteries will enable the transition. The auto industry alone will need batteries in huge numbers to replace fossil fuels with electricity. The ability to store energy is also crucial to free the world’s energy generation and distribution from coal, oil and natural gas. Northvolt accelerates this transition by building Europe’s largest battery factory.

Next, Peter Carlsson (Founder and CEO at Northvolt) sharing insight on the transformation of batteries at Slush 2017.

Also, in this episode of Talks at GS, Peter Carlsson, CEO of Northvolt, explains how green batteries are driving the market transition to renewable energy, and why he sees Europe leading the way in the climate transition.

Lastly, go inside Northvolt's Scandinavian gigafactory. Robert Llewellyn was delighted to speak to Peter Carlsson, CEO of Northvolt, to find out how this company that only began in 2017 are transforming the way batteries are made.

Comments