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VW participates in the battery manufacturer Northvolt

Dhe car company Volkswagen participates in the Swedish battery manufacturer Northvolt: VW invest about 900 million euros in common battery activities, the company said this Wednesday in Wolfsburg.

Volkswagen will initially take over about 20 percent of the Swedes and also wants to start a joint venture with Northvolt for the battery cell production planned in Salzgitter. Part of the sum goes to the joint venture, another part directly to Northvolt, it said.

Volkswagen announced in April that it would invest about one billion euros with Northvolt in a joint battery cell plant in Salzgitter. The plant should be set up in Lower Saxony at the earliest from 2020 – provided the general conditions are right.

Battery cell production is energy intensive, the production in Lower Saxony should therefore, according to the Lower Saxony Prime Minister Stephan Weil (SPD) from the surcharge to promote renewable energy (EEG) are freed. At the turn of the year 2023/24, the cell production for Volkswagen will start.

Meanwhile, Northvolt announced that it had raised $ 1 billion as part of a capital increase involving, among others, Volkswagen, the US investment bank Goldman Sachs, and German automaker BMW. A BMW spokesman wanted to make the amount of financial participation on the part of Munich no information. Northvolt wants to use the money from the capital increase to finance its first lithium-ion battery cells in Sweden.

. (TagsToTranslate) VW (t) Volkswagen (t) ISIN_DE0007664039 (t) North volts (t) automotive group (t) electromobility (t) Salzgitter

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