Volkswagen ups investment in Northvolt batteries
By David Leggett 09 Jun 2021 (Last Updated June 9th, 2021 10:04)
VW Group is to invest a further EUR500m in Swedish battery cell producer Northvolt AB in a new financing round.
Share Article
Volkswagen is participating, with a contribution of US$620m (EUR500m), in a financing round of its Swedish battery partner Northvolt AB with a total volume of US$2.75 billion.
VW said its latest investment will 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 automotive OEM customers.