Companies in the battery storage industry raised US$9.6 billion in corporate funding during H1 2021, with European manufacturing startup Northvolt once again the biggest single recipient of venture capital (VC) investment.
Energy storage technology provider Fluence and battery gigafactory startup Northvolt will collaborate to develop “next-generation battery technology for grid-scale storage applications,” the companies said today.
Northvolt, the start-up aiming to manufacture lithium-ion batteries on a massive scale in Europe sustainably, has signed a contract to deliver its own first commercial energy storage system (ESS) project and revealed news on a second planned 'gigafactory' in Germany.
Northvolt, the consortium seeking to establish significant lithium-ion battery cell manufacturing facilities in Europe, has raised US$1 billion in equity capital from parties including Volkswagen and BMW and the merchant banking division of Goldman Sachs.
The European Investment Bank (EIB) has approved a loan request from Northvolt that will see the bank provide a financing facility of up to US$64.8 million to support Northvolt’s pilot demonstration facility.
Automation and engineering group ABB has signed on to become a supplier to a planned European lithium-ion battery ‘Gigafactory’ for Swedish start-up Northvolt.
TerraE Holding, a collaborative initiative to establish large-scale production line manufacturing of lithium-ion cells at a European ‘Gigafactory’, has signed a raw materials deal for anode materials with Australia’s Magnis Resources.
Northvolt, the Swedish battery start-up founded by former Tesla executives, has closed in on two possible sites for its planned multi-gigawatt production facility.
Swedish start-up Northvolt, which is run by two former Tesla Motors executives, plans to build a huge lithium-ion battery factory in the Nordic region, giving Tesla and Panasonic's Nevada Gigafactory a close rival within Europe in terms of size.