Volkswagen invests a further €500m in sustainable battery activities with Northvolt AB
Volkswagen is participating, with a contribution of €500m, in a financing round of its Swedish battery partner Northvolt AB with a total volume of $2.75bn.
The Group will thus maintain its stake in the company constant at about 20 percent. The funds are to be used for capacity expansion in the fields of production, recycling and research and development.
Among other activities, Northvolt intends to expand the capacity of its Northvolt Ett gigafactory in Skellefteå, Northern Sweden from 40 GWh to 60 GWh per year, in order to meet higher demand from customers.
Arno Antlitz, Group Board Member for Finance and IT said: “With this investment, we are strengthening our strategic partnership with Northvolt as a supplier of sustainable battery cells which are produced using renewable energy and are comprehensively recyclable.”
Thomas Schmall, Group Board Member for Technology and CEO of Volkswagen Group Components comments: “Batteries are one of the key success factors in our unprecedented electric offensive. In the major area of green battery cells, we are assuming a pioneering role in Germany and Europe together.”