NorthVolt Starts Fundraising Efforts For 32 GWh Battery Gigafactory

SEP 23 2017 BY MARK KANE 9

NorthVolt on a mission…although we sense a little bit over-acting/over-excitement in this promotional photo

NorthVolt – a new EV lithium-ion battery company established out of north Sweden (hence the name we suppose), has aspirations to build its own gigafactory.

NorthVolt batteries

The company was founded by a former Tesla executive, and is now searching for investment partners in the venture.

The total cost of the 32 GWh facility is estimated at €4 billionso if you have some spare capital lying around, and want to throw your hat into the battery-manufacturing ring – here is your chance!

According to Bloomberg, NorthVolt is planning to close its first major fundraising round (the partnership one) this autumn, potentially drawing in 100 million euros ($118 million).

The company has already attracted some capital – $14 million; and among the early investors we see Sweden’s largest utility – Vattenfall has already joined the party with a $610,000 investment (enough to get inside knowledge/track on the project if successful we guess).

The next round is hoped to be €1.2-€1.4 billion, which is the amount needed to fully fund the first stage, and start producing 8 GWh of batteries annually.

“When the whole site is up and running, Carlsson expects to use “6 million meters of anode and cathode material,” which are two of the key ingredients in lithium-ion batteries, “per day, we could dress the Equator with an anode-cathode layer every week, give or take.”” – per Bloomberg

Who will be the main manufacturing partner, and who will be among this start-ups customers, remains unknown, but the image of batteries to be produced, suggests that NorthVolt is open for supplying any battery type.


  • build battery gigafactory (32 GWh annually, initially 8 GWh)
  • location in Sweden (Vasteras near Stockholm or Skelleftea in the north)
  • break ground in the second half of 2018, pre-production line in 2019, begin production in late 2020
  • fully operational in six years
  • total costs expected at €4 billion

source: Bloomberg

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9 Comments on "NorthVolt Starts Fundraising Efforts For 32 GWh Battery Gigafactory"

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Europe – after some sleep – is catching up in battery capacity development, however even long term targets are below Tesla 2020 pack output of 50 GWh :
-NorthVolt in Sweden (above) is just one, with 32 GWh by 2023
-BMZ in Königstein Germany hopes to reach 30 GWh in 2020,
-Daimler in Kamenz is also expanding quickly its battery assembly lines(from LG Chem cells)but no production data is known,
-TerraE consortium in Germany plans to produce 35 GWh – but only / maybe in 2028

Add LG Chem Wroclaw Energy and Samsung SDI in Goed to that list.

Of course, but I meant European battery factories, owned by, not only hosted by Europeans.

GF1 target is 150 GWh pack output in 2020.

The old 50 GWh target was obsolete over a year ago.

So who’s battery technology is NorthVolt going to use??? That should be the first thing any company hoping to raise money should announce!

Tesla tested every major battery type in the world before selecting one for their cars. They then made a deal with Panasonic to produce those batteries at reduced cost in a massive factory. I kinda doubt the close Tesla/Panasonic deal allows someone else to license the same technology.

EEstor 🙂


They just need to get that permittivity up. Any day now.

Good to see another serious effort at a battery factory with a seriously large production goal.

However, they need to partner with an existing battery manufacturer, or at least license the tech from one of them. Trying to develop their own battery tech would be foolish and a waste of time and money.

As Damocles Axe said, they should already have announced such a partnership. If I was a potential investor, I certainly wouldn’t seriously consider investing without such an agreement in place.