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.
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.
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.
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.