Northvolt AB is a Swedish battery developer and manufacturer, specialising in lithium-ion technology for electric vehicles. The company was founded as SGF Energy in 2015 by Peter Carlsson (now chief executive), who was formerly an executive at Tesla Motors. In 2017, the company changed its name to Northvolt. It was founded with the aim to supply the automotive industry with electric vehicle batteries. In May 2019, the European Investment Bank offered a loan of 3.5 billion SEK (about €350 million). In June of the same year, companies such as the BMW Group, Volkswagen Group, Goldman Sachs and Folksam announced that they would invest in the company. In total, the investments amounted to US$1 billion, framed as a way to challenge what was reported as the dominance of Tesla, Inc. and Asian companies such as Toyota and Nissan on the market for electric vehicle batteries. The company started building a battery factory in Skellefteå, Sweden, with the aim to start production of electric vehicle batteries in 2021. The first battery in Skellefteå was assembled in December 2021, and the production for commercial uses is planned to start in 2022. More information...
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