Northvolt has raised $1.1 billion from investors to expand battery cell and cathode material production in Europe. The company’s cell production facilities include Northvolt Ett Gigafactory and a joint venture with Volvo in Sweden as well as the Northvolt Drei Gigafactory in Germany. Northvolt is also developing Northvolt Fem—a cathode factory in Sweden.
“A key aspect to Northvolt’s strategy involves establishing in-house competences and presence throughout the battery value chain, including cathode material production and recycling,” says the company. “Through its large-scale recycling program, Northvolt intends to enable 50% of its raw material requirements to be sourced from recycled batteries by 2030.”
The company is also raising its manufacturing capacity in order to deliver $55 billion worth of orders from BMW, Fluence, Scania, Volvo and Volkswagen.