Northvolt has now raised in excess of US$3.5 billion of financing towards its aim of establishing 150GWh of advanced battery manufacturing facilities in Europe by 2030.
Chinese companies CATL and KSTAR have begun supplying ‘all-in-one’ single phase residential energy storage solutions in Europe, kicking off with the market for home storage in the Netherlands.
With the recognition that “battery technology holds the key” to a future of cleaner transport and flexible, resilient electricity grids, four key US government departments have jointly established a Federal Consortium for Advanced Batteries (FCAB).
Northvolt has now raised over US$3 billion to support its plans to become a major player in the European battery manufacturing space, including US$1.6 billion in debt financing which it announced today.
Tesla CEO Elon Musk and fellow executives talked up the potential for Tesla Energy to reach “roughly the same size” as the company’s automotive business in an earnings call with analysts held yesterday.
The company behind what looks set to be Norway’s first gigawatt-scale manufacturing facility for lithium-ion battery cells has secured pre-construction financing of NOK130 million (US$13.85 million) which it said will “enable rapid development” of the plant.
Germany-headquartered battery manufacturer Varta will receive €300 million (US$338 million) of government funding to develop large format lithium-ion cells, which has been deemed a project of potentially strategic interest for Europe.
Lithium-ion cell prices will fall by around 46% between now and 2029, according to new analysis from Guidehouse Insights, reaching US$66.6 per kWh by that time.
