Northvolt raises USD 1 billion for Europe's first gigafactory

The factory, expected fully operational in 2021, will begin with a production capacity of 16 GWh of lithium-ion battery cells, according to Northvolt.

Photo: PR Northvolt

Europe's first lithium-ion battery cell producing gigafactory will be located in Skellefteå, Sweden, Northvolt announced at a press meeting in Stockholm. In its presentation, the energy company revealed that it has raised USD 1 billion in capital in conjunction with Goldman Sachs and Volkswagen.

Back in early 2018, Northvolt's ambition to boost European battery production was otherwise rumored to be dead in the water due to funding trouble. This crisis has now been averted by partnering with Volkswagen.

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