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.
Finland-headquartered clean energy solutions provider Fortum is to deploy the largest battery so far in the Nordic region, a 6.2MWh system at a hydropower plant in Sweden.
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.
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.
