Nilar, a Sweden-headquartered producer of nickel metal hydride chemistry batteries aimed to compete with lithium-ion and lead acid, will receive €47 million (US$55.45 million) in funding from the European Investment Bank (EIB).
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.
A 5MW / 20MWh energy storage system built around the batteries BMW uses in its i3 electric vehicles (EVs) will help integrate renewable energy into the electric grid in Uppsala, Sweden.
Northvolt, the startup which recently netted a US$1 billion equity raise for its initial lithium battery ‘gigafactory’ in Sweden, has said that its ambitions extend deep into the energy storage solutions space, in addition to its involvement with major carmakers.
European Commission greenlights €3.2bn research plan by seven major states to turn continent into global battery hub even as it signals it is ready to block imports on environmental grounds.
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.
