| 3:27 AM EST

Northvolt Doubles EV Battery Capacity Target

Swedish electric car battery maker Northvolt AB now aims to launch 150 gigawatt-hours of production capacity in Europe by 2030, more than twice its previous goal.
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Swedish electric car battery maker Northvolt AB now aims to launch 150 gigawatt-hours of production capacity in Europe by 2030, more than twice its previous goal.

The startup tells the Financial Times the new target would give the company enough output to supply roughly 25% of the projected European market for electric car batteries a decade from now. The company expects to launch its first factory in 2024.

Northvolt’s original plan was to build three plants with a combined eventual capacity of 64 GWh. Now it expects to open at least two additional plants in the region.

The company has raised €1 billion ($1.1 billion) in funding this year, including a €900 million ($1 billion) investment from Volkswagen AG last June. Northvolt hopes to establish itself as Europe’s leading local producer of EV batteries. The startup will compete with a growing array of future battery plants being planned by carmakers and European consortia.

The list of producers also includes already-announced facilities being developed by Asian battery companies such as CATL, Farasis, LG Chem, SVOLT Energy and SK Innovation.

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