Northvolt, a Swedish battery maker, has raised $2.75 billion from a host of big names to help fuel its global expansion and increase production.
The Stockholm-headquartered company makes the lithium-ion batteries that are used to power electric cars and it says it has signed deals worth $27 billion with the likes of BMW and VW. It is aiming to produce “the world’s greenest batteries” by drawing on renewable energy sources and recycled raw materials.
The latest funding round, Northvolt’s largest yet, was co-led by Goldman Sachs and VW alongside new investors including Swedish pension funds AP1, AP2, AP3, AP4 and Canadian pension provider OMERS. Previous investors such as Spotify CEO Daniel Ek and investment management firm Baillie Gifford are also investing in the round.
Total investment in the company now stands at $6.5 billion. The latest round of funding values Northvolt at $11.75 billion, according to a person familiar with the company who asked to remain anonymous as Northvolt has not publicly disclosed the figure.
Founded in 2016, Northvolt said it will use the funding to expand capacity at its factory in the far north of Sweden from 40 gigawatt-hours to 60 gigawatt-hours, which is enough to supply batteries for around 1 million electric vehicles. Production is expected to start at the factory later this year.
Peter Carlsson, co-founder and CEO of Northvolt, told CNBC in an interview on Wednesday that the company is doing “fairly significant shipments” from a smaller facility that has been in operation for over a year to customers who are now doing their own “validations.”
While none of the company’s batteries are in electric vehicles that are on the road today, they’re being used on test tracks, Carlsson said, adding that he expects Northvolt’s batteries to be delivered in vehicles from 2023 and in energy storage applications from the end of next year.
VW, which made a $14 billion order with Northvolt earlier this year, said Wednesday it has invested 500 million euros ($609 million) of the $2.75 billion and that its 20% stake in the company remains unchanged.
“With this investment, we are strengthening our strategic partnership with Northvolt as a supplier of sustainable battery cells which are produced using renewable energy and are comprehensively recyclable,” said Arno Antlitz, VW’s group board member for finance and IT, in a statement.
Northvolt’s batteries are built on a “different chemistry” to Tesla’s and the performance is becoming increasingly similar, said Carlsson, who was Tesla’s vice president of supply chain in Palo Alto between 2011 and 2015.
Making the batteries in a sustainable manner is one of Northvolt’s biggest challenges, he added. If the world transitions to electric vehicles with batteries from coal-based economies like China then it would create a new carbon footprint the size of Spain, Carlsson said. “If we do it based on renewable energy … we can prevent this from happening,” he said.
The company’s main plant is in Sweden and it is considering building a second in Germany if it can find enough renewable energy sources.
By 2030, it wants to achieve 150 gigawatt hours of deployed annual production capacity in Europe.
This ultra-fast compact EV charger has an integrated battery – and it’s coming to the US
ChargePost is an all-in-one design that integrates the battery, electronics, cooling system, and charger in a compact container that ADS-TEC Energy says requires less than 21.5 square feet (2 sq m) of ground space.
Each ChargePost, which is 100% made in Germany, is equipped with two charging points that give drivers up to 300 kW DC power with one charging point and 150 kW with two charging points in use at the same time. It has a configurable 143 or 201 kWh battery capacity. Battery modules can be swapped out as needed, which increases the charger’s longevity. ADS-TEC says it only takes five minutes of charging at ChargePost for more than a 100 km (62-mile) drive.
The integrated charging cable with uncooled CCS1/CCS2 connector is at least 3 meters long. It has a 10-inch touchscreen interface and an “easy-to-use” payment terminal.
From the first half of 2023, ChargePost will be capable of feeding stored energy back into the grid, and it can also be paired with solar.
DS-TEC says that ChargePost can be set up quickly with a forklift and that its instillation is plug-and-play. Because it’s battery-based, it can connect directly to any existing, power-limited, low-voltage grid. That means it can be installed in a variety of locations, including inner cities and rural areas where high-voltage grids often aren’t available.
ChargePost is on the market now in Europe, and it’s expected to be launch in the United States in 2023.
UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.
Canoo (GOEV) delivers EV pickup for US Army use – which makes sense
EV maker Canoo (GOEV) is on a mission to provide electric vehicles for multiple uses with its flexible Multi-Purpose Platform. Canoo announced today it has officially delivered its Light Tactical Vehicle (LTV) EV based on the platform to the US Army.
Meanwhile, the military implementing electric vehicles can do more than protect the planet from climate change.
Founded in 2017, Canoo has overcome several hurdles in bringing its “use case” EV platform to market.
With nearly $1 billion in investments and over 250 patents, Canoo’s Multi-Purpose Platform was born. Despite the technological advancements, Canoo was running out of funds, expressing “substantial doubt” in its ability to continue operations.
Canoo quickly secured a purchase agreement with Walmart to provide at least 4,500 EVs in exchange for exercisable warranted shares, giving the company a lifeline.
The company’s “Made in America” approach has positioned it well to benefit from the incentives provided by the recently passed Inflation Reduction Act. After choosing a 630,000-square-foot facility in Oklahoma City, Canoo says it’s ready to begin commercial production.
The company’s Multi-Purpose Platform is finding plenty of “use cases” outside of the typical commercial customers.
NASA recently chose Canoo’s proprietary EV platform to transport crew members to the Artemis launch pad. Yet the EV makers platform is capable of more than just transporting from point A to B, as the US Army has given Canoo another opportunity to showcase its technology.
Canoo supplying electric vehicles for the US Army
In July 2022, the US Army tapped Canoo to supply an EV for analysis and demonstration. The partnership comes after the US Army released a new climate strategy in February, including implementing electric vehicles to lower climate emissions.
The American EV maker announced today it has successfully delivered its Light Tactical Vehicle to the US Army, fulfilling its initial contract terms. CEO Tony Aquila commented on the achievement, saying:
The LTV is another milestone proving the power of our technology and how it can be used, even in tactical situations.
Canoo’s LTV comes loaded with an all-wheel drive system delivering up to 600 hp. To support off-road driving, the LTV features a raised suspension, air-springs, and 32-inch all-terrain tires.
Many are wondering – can electric vehicles make a difference?
How the US Military can benefit from deploying electric vehicles
Canoo isn’t the only automaker supplying electric vehicle technology for military use. GM Defense, the advanced defense mobility innovation unit of General Motors, was selected by the Defense Innovation Unit (DUI) to develop a battery pack that can power functional electric military vehicles.
The DIU is a unit of the Department of Defense specializing in “strengthening our national security by accelerating the adoption of leading commercial technology throughout the military.”
Electric vehicles offer benefits over their gas-powered peers. They’re stealthier, more powerful, and have technologically advanced options.
A recent post from the Modern War Institute at West Point highlights the US Military’s need “to take advantage of this electrification trend and follow fast in adopting the best new technologies,” offering insights into the case for electric military vehicles.
- The US Military is the largest institutional consumer of petroleum fuels globally, using up to 4.2 billion gallons of fuel annually.
- Over $9 billion was spent on fuel by the Defense Logistics Agency in 2019 (they pay a premium).
- The price of delivering fuel to remote operations can be as much as $1,000 per gallon.
- Fuel convoys are especially vulnerable to attacks. Between 2003 and 2007, one in eight casualties in Iraq were due to protecting the convoys.
We are seeing examples of how electric vehicles are already winning out over their gas-powered counterparts in the war between Russia and Ukraine. Russian military vehicles sat in a 40-mile-long convoy after a fuel logistics mishap.
Meanwhile, Ukrainian snipers used tactical electric bikes to silently sneak into their target area, engage the enemy, and quickly flee before being spotted.
The examples show electric vehicles may prove to be more beneficial in the military than many assume. EVs can save the military money on maintenance and fuel costs while providing silent, rapid transportation.
Perhaps, more importantly, it will reduce our dependence on foreign fossil fuels, which can be used to start or prolong a war.
Tesla Semi Delivery Event news hub: Livestream and updates
Tesla is holding its “Tesla Semi Delivery Event” today at 5 p.m. PT (8 p.m. ET) to deliver the first electric truck to customers. The company is also expected to have a presentation about the production version of the truck.
Here’s our news hub for the event, where you can watch the livestream and get updates.
Three years late, but it is now here. Tesla is going to deliver the first production version of the Tesla Semi electric truck to customers – to PepsiCo, to be more specific.
The Tesla Semi was first unveiled in 2017, and it was supposed to enter production in 2020, but it was delayed several times.
Now the automaker is finally ready to make the first deliveries after having started low-volume production at a facility outside of Gigafactory Nevada in October.
Today, Tesla is expected to deliver the first few units to Pepsi. After the launch of Tesla Semi in 2017, PepsiCo placed one of the biggest orders for Tesla Semi – 100 electric trucks to add to its fleet. The company planned to use 15 of those trucks for a project to turn its Frito-Lay Modesto, California, site into a zero-emission facility. Last year, PepsiCo said that it expected to take deliveries of those 15 Tesla Semi trucks by the end of the year before it was delayed again.
On top of the first deliveries, Tesla is expected to give an update on the specs and pricing of the electric truck, which are expected to be updated from the original 2017 unveiling.
Those are the base expectations for the event, but there could also be a few surprises since Tesla used the original Tesla Semi unveiling for a surprise unveiling of the Tesla Roaster.
We never know.
Tesla Semi Delivery Event livestream
Here we are going to share posts based on the most important news coming out of the Tesla Semi Delivery Event:
Refresh the page to get the latest information.
Sports1 year ago
Team Europe easily wins 4th straight Laver Cup
Politics1 year ago
Yvette Cooper promoted and Lisa Nandy to shadow Gove on levelling up brief in Labour reshuffle
Politics1 year ago
Have the last few wobbly weeks seen a turning point for Johnson as PM?
Business2 months ago
Chancellor Kwasi Kwarteng insists government ‘protecting people across UK’ with mini-budget announcement
Environment1 year ago
Sprinting Into An Integrated Cleantech Future
Politics1 year ago
Govt minister says she ‘doesn’t believe’ Stanley Johnson inappropriately touched MP
Politics1 year ago
‘It’s going to be a great Christmas’: Defiant Javid defends not imposing stricter restrictions to combat new variant
Business2 months ago
Liz Truss’s ‘favourite’ economist says chancellor ‘took his eye off ball’ and ‘overstepped the mark’ with mini-budget