Northvolt receives orders from Volkswagen totalling US$14 billion.

by Mar 15, 2021

Swedish startup battery maker Northvolt recieves orders from Volkswagen totalling US$14 billion, as the German automaker also increases its stake in Northvolt upto 20%. The deal was a continuation of a partnership between the companies first unveiled in 2019, which would now be further expanded to support a combined order worth more than US$14 billion over the next 10 years. Northvolt, which was founded in 2016, is currently building a gigafactory in the Swedish city of Skelleftea in northern Sweden, around the partnership will be centered around as the company is also to take over the Swedish firm’s stake in a planned battery cell venture in the German city of Salzgitter. It is expected that the partnership will have a significant impact on stationary energy market. Link to the news: