A new partnership between a Swedish energy start up and Siemens is expected to fast track the construction of a major battery factory in Europe.
Stockholm-based Northvolt is in the process of building a demonstration plant to develop industrial scale lithium-ion batteries.
The company is aiming to produce 32 gigawatt hours (GWh) of battery capacity each year, which will rival US and Chinese factories.
The battery plant is making swift progress with the company itself only two years old. Earlier this year, Northvolt won approval for a €52.5 million ($68 million) loan from the European Investment Bank (EIB) to help support the project.
Siemens is joining the project as a technology partner, customer and supplier. The German conglomerate will provide Northvolt with access to its sought after ‘Digital (...)