- Northvolt said that it has secured over $27 billion worth of contracts from key customers
- Last week, Northvolt had announced the acquisition of Cuberg, Inc., a U.S.-based battery technology company
As per a report by Reuters, Northvolt said that it has won an order worth more than $14 billion over 10 years from Germany’s Volkswagen. The report added that Northvolt also said it will sell its share in joint-venture Northvolt Zwei in Salzgitter to the world’s No. 2 carmaker, which becomes the German gigafactory’s single owner.Volkswagen, which established a partnership with Northvolt in 2019, has previously said that it owns around 20 per cent of the Swedish company.
Northvolt said that it has secured over $27 billion worth of contracts from key customers. The report added that it said in a statement that by consolidating cell production to the Northvolt Ett gigafactory, the partners will achieve further economies of scale, thereby securing the best possible cost and enabling the lowest environmental footprint in the world for cell production.
Acquisition of Cuberg, Inc.
Last week, Northvolt had announced the acquisition of Cuberg, Inc., a U.S.-based battery technology company delivering lithium metal cells produced on existing lithium-ion manufacturing lines for electromobility solutions. The company’s investors and financial backers include Boeing HorizonX Ventures, Activate.org, the California Energy Commission, the U.S. Department of Energy, and the TomKat Center at Stanford.
