Swedish battery manufacturer Northvolt received a ten-year $14 billion battery order from Volkswagen (“VW”). This deal comes on the heels of Northvolt’s $1 billion financing in 2019, led by Goldman Sachs and VW. The order cements Northvolt and VW’s strategic partnership, in which Northvolt becomes the lead supplier of battery cells for the VW Group in Europe, and VW increases its equity ownership of Northvolt.
Peter Carlsson, co-founder and CEO of Northvolt, said in a statement that, “Volkswagen is a key investor, customer and partner on the journey ahead and we will continue to work hard with the goal of providing them with the greenest battery on the planet as they rapidly expand their fleet of electric vehicles.” After announcing its target of producing 1.5 million electric vehicles by 2025, this partnership answers questions about how VW will facilitate this dynamic shift in electric vehicle production.
As part of the partnership, Northvolt will expand its factory in Sweden and will sell its joint venture share in Salzgitter, Germany to VW to aid the car manufacturer in developing its battery manufacturing efforts across Europe.
The order brings Northvolt’s value of total contracts to $27 billion since raising the $1 billion in 2019. The Swedish battery manufacturer’s other partners and customers include ABB, BMW Group, Scania, Siemens, Vattenfall and Vestas.
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