Europe’s first large scale battery factory to be created with investments by InnoEnergy

07.03.2017

InnoEnergy has announced a € 3.5 Mio. investment in Northvolt AB (rebranded from SGF Energy AB), to enable the company to develop Europe’s first large-scale battery factory. The factory will have a final production capacity of 32 GWh, similar to that of Tesla’s US gigafactory, by 2024. The battery cells will be used for electric cars, energy storage and other electrical powered products.

InnoEnergy states, that in addition to the investment of approximately 35 Mio. SEK, the company will support Northvolt in various business activities. In particular, InnoEnergy will provide access to its pan-European network to support Northvolt in attracting further investment and support business development.

“The development of a European large scale battery factory will be revolutionary, especially in terms of electrification of transport – which in itself could drastically reduce Europe’s carbon footprint,” says Diego Pavia, CEO of InnoEnergy. “The benefits can also go beyond supporting the transition to electrification. By considering the deployment of battery-based energy storage at all levels of the electricity network, we can also see that this battery factory will add value to the grid while maximizing the integration of renewable energy. This fits perfectly with InnoEnergy’s goal to achieve a sustainable energy future in Europe.” 

The Northvolt AB chose to build its battery factory in the Nordic region because of its access to necessary materials and metals, availability of affordable and fossil free power supply and its modern infrastructure. Once the factory is active, it will also support thousands of direct and indirect jobs in Europe.

InnoEnergy

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