Sweden to Invest $18 million in Northvolt Battery Plant

Posted by Joseph Keefe
Monday, February 5, 2018
Sweden will invest 146 million crowns ($18 million) in a multibillion-euro project to build Europe's biggest battery cell plant in the north of the country, its Energy Agency said on Monday.
Swedish company Northvolt, whose CEO Peter Carlsson used to work for Tesla, is racing against rivals such as South Korea's LG Chem to set up large-scale battery cell plants across Europe, where automakers and industrial firms have so far been largely reliant on Asian imports.
The money will be used to finance a pilot facility in Vasteras, west of Stockholm, the Swedish Energy Agency said in a press release.
The total cost of the plant and research facilities is 4 billion euros ($5 billion).
Volkswagen-owned truck-maker Scania, Swiss engineering group ABB and Danish wind turbine maker Vestas have also signed partnership deals with the company, but Northvolt still needs to raise the vast bulk of the financing required for the plant.
Reporting by Johan Ahlander 
Categories: Contracts Marine Propulsion Finance Environmental Energy Marine Power Government Update Renewable Energy

Related Stories

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

European LNG Imports Up with Asian Influx

VIDEO: AIRCAT Crewliner takes Shape to Service Offshore for TotalEnergies Angola

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Flare Gas Recovery Meets the Future

Current News

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com