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According to reports, the Swedish battery manufacturer Northvolt has successfully raised $1.2 billion (US) from international investors, aiming to boost the production capacity of its Swedish factories.

Currently, Northvolt has two planned factories in Sweden: one is the independent facility in Skellefteå, and another one is the “gigafactory” in Gothenburg, a joint venture with Volvo.

The independent factory, Northvolt’s first battery plant, has commenced production and plans to increase its capacity from 40GWh to 60GWh. The joint venture with Volvo involves a total investment of 30 billion Swedish kronor, with an annual capacity of 50GWh, primarily dedicated to Volvo and Polestar vehicles, set to commence operations in 2025.

In light of this, the newly raised funds will be utilized for capacity expansion at the independent Skellefteå factory.

Meanwhile, earlier this month, it was reported that the German government would contribute 700 million euros to ensure the construction of Northvolt’s factory in Germany.

Northvolt’s receipt of financial support from the German government has garnered significant attention, especially as it marks the first investment post-exemption for government expenditure freeze granted to German officials.

Source: WeChat Official Account—锂电前沿

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