Energy
Northvolt’s $20 Billion Battery Plan Suffers Summer of Setbacks
- Swedish battery maker could dial back production growth
- Northvolt has backing from car industry, European governments
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Northvolt AB’s ambition to be Europe’s global battery company has attracted about $20 billion in investment and public grants. It’s a challenging goal, as a summer of operational and financial setbacks have shown.
On Tuesday, the Swedish electric-vehicle battery maker closed down a Californian unit, Cuberg, that it acquired only three years ago, and shifted its research and development efforts to its home country.