Northvolt Invests $200 Million to Expand Energy Storage Business
- The company is one of Europe’s most promising battery startups
- CEO sees almost a quarter of Sweden-made cells going to grids
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Northvolt AB, the startup preparing to begin large-scale battery production in Sweden and Germany, will invest $200 million in ramping up capacity for energy storage systems that will compete with Tesla Inc.’s Megapack.
The expanding factory in Gdansk, Poland, is scheduled to start production in 2022 with initial output of 5 gigawatt hours. It could be further built out to reach capacity of 12 GWh, which would make the facility the largest of its kind in Europe, according to Northvolt. The initiative positions the company founded by former Tesla executives to seize share of the growing market for batteries used to balance electricity supply in power grids.