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

Similar Entries

Under the motto "Think Ahead", the meteocontrol team will be presenting innovative solutions for the energy transition at Intersolar Europe at its booth B3.574. pict.: meteocontrol GmbH

Under the motto "Think Ahead", meteocontrol GmbH will be demonstrating at its booth B3.574 at Intersolar Europe how more efficient operational management can save time, increase yields and thus drive forward the energy transition.

More efficient: Pulcap pultruded profiles reinforce the blades of today’s wind turbines (pict. Röchling)

As part of the planned energy transition, increasingly wind power plants are being used to generate electricity. The international plastics processor Röchling Industrial launches a product made of composites, Pulcap, that enhances the stability of the rotor blades of wind turbines. Owing to their extremely high mechanical strength and low weight, the pultruded profiles enable an efficient and safe operation of wind turbines.

Setup for wireless charging of electric vehicles (pict. Siemens)

Siemens makes strategic investment in WiTricity and licenses their technology for future wireless EV charging products. The companies will work together to drive adoption of open, interoperable standards in wireless charging for global electric vehicle (EV) infrastructure

Excelsior Energy Capital (“Excelsior”), a renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America, and Unico Solar Investors (“Unico Solar”), a wholly owned subsidiary of Unico Investment Group LLC that develops, owns and operates commercial and community solar installations, announced the completion of a 300-kilowatt solar energy system at Central Station, a new four-story, 125,000-square-foot office building. Developed by SteelWave and owned by Principal Real Estate Investors, the building is located at 285 Sobrante Way in Sunnyvale, California.