- Group participates in financing round with a total of US$2.75 billion and continues to hold about 20 percent of the shares in the Swedish cell producer
- Funds to be used for capacity expansion in production, recycling and research and development
- Arno Antlitz, Group Board Member for Finance and IT: “We are strengthening our strategic partnership with Northvolt as a supplier of sustainably produced battery cells.“
Volkswagen invests a further €500 million in sustainable battery activities with Northvolt AB
Volkswagen is participating, with a contribution of US$620 million (about €500 million), in a financing round of its Swedish battery partner Northvolt AB with a total volume of US$2.75 billion. The Group will thus maintain its stake in the company constant at about 20 percent. The funds are to be used for capacity expansion in the fields of production, recycling and research and development. Among other activities, Northvolt intends to expand the capacity of its Northvolt Ett gigafactory in Skellefteå, Northern Sweden from 40 GWh to 60 GWh per year, in order to meet higher demand from customers.