Swedish battery manufacturer Northvolt received a ten-year $14 billion battery order from Volkswagen (“VW”). This deal comes on the heels of Northvolt’s $1 billion financing in 2019, led by Goldman Sachs and VW. The order cements Northvolt and VW’s strategic partnership, in which Northvolt becomes the lead supplier of battery cells for the VW Group in Europe, and VW increases its equity ownership of Northvolt.
Peter Carlsson, co-founder and CEO of Northvolt, said in a statement that, “Volkswagen is a key investor, customer and partner on the journey ahead and we will continue to work hard with the goal of providing them with the greenest battery on the planet as they rapidly expand their fleet of electric vehicles.” After announcing its target of producing 1.5 million electric vehicles by 2025, this partnership answers questions about how VW will facilitate this dynamic shift in electric vehicle production.
As part of the partnership, Northvolt will expand its factory in Sweden and will sell its joint venture share in Salzgitter, Germany to VW to aid the car manufacturer in developing its battery manufacturing efforts across Europe.
The order brings Northvolt’s value of total contracts to $27 billion since raising the $1 billion in 2019. The Swedish battery manufacturer’s other partners and customers include ABB, BMW Group, Scania, Siemens, Vattenfall and Vestas.
A new iOS app called Sniff is taking a different approach to social networking by connecting dog owners within the same neighbourhood. Rather than encouraging users to build broad online communities…
The fully autonomous ridesharing service, Waymo, is looking to add a new ridesharing option for Torontonians with self-driving vehicles. Waymo is a driverless taxi service where users can hail an…
Four years after Canada shut Huawei out of its 5G networks, one of its former subsidiaries is hoping for a second chance in the Canadian market. Honor Device Co., a Chinese consumer electronics…
Quantum computers have long been promised to reshape the leading edge of computing technology, facilitating machines capable of completing operations unthinkably time-intensive for classical computers…
Another day, another wearable technology product is hitting the market, but this one arrives with the weight of Google behind it and a price designed to undercut the competition.Back in January…
The Canadian federal government recently introduced the Safe Social Media Act in Parliament. If the bill is successful, Canadian children under the age of 16 will no longer be able to have accounts on…
