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.
Switzerland put vertical solar panels on a roadside retaining wall
A canton in Switzerland commissioned a project in which solar panels were attached vertically to a roadside retaining wall.
The canton of Appenzell Ausserhoden in northeastern Switzerland is aiming to generate at least 40% of its electricity from renewables by 2035. So, it exercised a little creativity and covered a roadside retaining wall with 756 glass-glass solar panels.
The panels have an output of 325 kW and an energy yield of around 230,000 kWh annually. This is equivalent to the consumption of about 52 Swiss households. The energy will be fed into the grid of energy supplier St. Gallisch-Appenzellische Kraftwerke, and the canton will get a feed-in tariff in return.
German mounting system provider K2 Systems and Swiss contractor Solarmotion installed the vertical system on the 75-degree retaining wall. The panels were anchored on a mounting rail with HUS screw anchors, and Lichtenstein-based Hilti provided mechanical dowels.
The PV system was anchored on and in the masonry using an adhesive technique. An anchoring depth of a maximum of 90 mm could not be exceeded so that the retaining wall would not be adversely affected.
Due to the close proximity to the asphalt, the solar panels’ components are subject to exceptional corrosion requirements and are anodized for protection. Indirect components are made of aluminum – only the screw anchors are made of stainless steel.
K2 Systems says that “especially in the winter months (when consumption and dependence on foreign electricity imports are at their highest), the vertically aligned modules will achieve a very good electricity yield.”
This isn’t a big project, but it’s a delightfully creative one, which is why it caught my eye. A retaining wall is dead space, and snow will slide off the panels in Swiss winters.
We at Electrek love it when solar is installed in intelligent and inventive ways. Warehouse rooftops? Cover them. Highway medians? Canal covers? Box stores? Put solar on them. It just makes sense.
Photo: K2 Systems
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. – ad*
Doroni’s all-electric flying car gets flight certified in the US
Flying electric cars are not just for sci-fi movies. Miami-based Doroni Aerospace announced Friday its all-electric flying car, the Doroni H1, received official FAA Airworthiness Certification. And the best part – it’s designed to fit in your garage.
Doroni’s all-electric flying car gets FAA-certified
Doroni claims to be the first company to test manned flights with a 2-seater flying electric car in the US. The Doroni H1 took flight earlier this year.
CEO Doron Merdinger successfully piloted the personal electric vertical takeoff and landing aircraft (eVTOL) this summer. Merdinger said receiving the flight certification “is not just a milestone for our company, but a leap forward for the entire field of personal air mobility.”
He says the electric flying car “is poised to redefine urban transportation.” Doroni’s aircraft has already received over 370 pre-orders as the startup wraps up funding efforts.
Powered by ten independent propulsion systems, the all-electric flying car has a claimed top speed of 140 mph (100 mph cruising speed) and 60 miles range. Its unique design ensures stability during flight.
It includes four ducts containing two e-motors with patented ducted propellers. Eight are for vertical flight with an additional “two pushes.”
The two-seater aircraft is designed to fit inside a two-car garage at 23 ft in length and 14 ft in width. It also features fast charging (20% -80%) in under 20 minutes.
Electric flying cars coming to a dealership near you
Doroni’s all-electric flying car is semi-autonomous, meaning you can guide it to different levels. A controller stick is used to push you forward, backward, or to the side.
Who would buy one of these? Doroni says one of its customers is a doctor who wants to use the aircraft to skip traffic on their way to work. However, you will need a certification. It requires at least 20 hours of experience, 15 inside the aircraft and another five solo.
Merdinger says the biggest use case for eVTOLs will be for air taxis or ride-sharing. Doroni aims for a different market though.
The company says there is enough space to fly everywhere, especially in suburban areas. Doroni’s all-electric flying car is designed for more than just getting you from point A to point B. It allows you to “enjoy nature,” according to Merdinger.
Doroni expects to build about 120 to 125 units by 2025 or 2026. Eventually, the Miami-based startup plans on scaling to produce 2,500 eVTOLs annually. You can learn more about the electric flying car on Doroni’s website.
The company is the latest to receive the flight certification. Alef’s Model A was the first electric flying car to get certfied in June.
Alef said it had 2,500 pre-orders in July. The orders include 2,100 from individuals and 400 from businesses, including a California car dealership.
Are electric flying cars going to take over road transportation? Not necessarily. At least not anytime soon.
Doroni and Alef are both working on niche markets, which makes the most sense for the time being. At the same time, the companies are pushing forward another sustainble means of transport.
As Merdinger explained “this is just the beginning,” as the technology advances.
Rivian already has a patent on Tesla’s Cybertruck ‘range extender’
Tesla delivered the first Cybertrucks yesterday, and with that delivery event came the revelation that in order to get the range it promised, the Cybertruck needs a separate battery pack in the bed. But a similar battery pack system was already patented years ago, by one of Tesla’s competitors in the electric pick-up space.
Tesla’s Cybertruck website included a revelation about a feature that wasn’t mentioned in its presentation: a “range extender,” in the form of an additional battery pack in the truck bed which expands the truck’s range.
It’s an interesting solution, and we don’t know all the details of it yet. We don’t know the cost, the weight, how it will be installed and uninstalled, or whether it even can be uninstalled.
The battery pack is intended to be used “for very long trips or towing heavy things up mountains,” according to Tesla CEO Elon Musk. It takes up about a third of the truck bed, as can be seen in a photo posted on Tesla’s Cybertruck site.
So, there’s still room for cargo, just not the full 6 feet of bed length that Tesla says the Cybertruck has.
But the fact that it was described as being used only “for very long trips or towing heavy things up mountains” suggests that it will be removable, since most people don’t do that sort of thing every single day.
Making it removable is actually a good solution, because it can lower prices, make packaging easier, and improve efficiency for vehicles that simply don’t need a ridiculously enormous 470-mile battery – and most drivers don’t need that.
And if it is removable, well, there’s already a patent on that.
In 2019, electric truck maker Rivian filed a patent for a “removable auxiliary battery” that would fit into the front third-or-so of the truck bed. This patent was granted in 2020, so Rivian currently has a patent on this technology.
The patent is described as:
An electric vehicle system for transporting human passengers or cargo includes an electric vehicle that includes a body, a plurality of wheels, a cargo area, an electric motor for propelling the electric vehicle, and a primary battery for providing electrical power to the electric motor for propelling the electric vehicle. An auxiliary battery module is attachable to the electric vehicle for providing electrical power to the electric motor via a first electrical connector at the auxiliary battery module and a second electrical connector at the electric vehicle that mates with the first electrical connector. The auxiliary battery module can be positioned in the cargo area while supplying power to the electric motor, and can be removable and reattachable from the electric vehicle. The auxiliary battery module includes an integrated cooling system for cooling itself during operation of the electric vehicle including a conduit therein for circulating coolant.
We aren’t patent lawyers here, but this sounds awfully similar to Tesla’s “range extender.” The obvious potential differences we can find are if the range extender doesn’t have integrated cooling, which is unlikely, or if the range extender isn’t removable, which doesn’t seem to jive with the statement that it is only for long trips or with the marketing showing it as an optional add-on (if that were the case, why not just offer different battery sizes?).
Tesla itself has many patents (and is still pursuing more of them), but has pledged not to “initiate patent lawsuits against anyone who, in good faith, wants to use its technology.” It announced this in a 2014 blog post, and followed up by saying that it thinks several companies are using its patents.
So next, the question is: is Tesla’s solution different enough to avoid Rivian’s patent protection? Has Tesla licensed the idea from Rivian, and we just haven’t heard about it yet? Or will Rivian return Tesla’s “good faith” and not initiate a patent lawsuit against Tesla, if it does feel like it has a good enough case to say that Tesla’s range extender infringes on its patent?
Sports1 year ago
‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
Sports8 months ago
MLB Rank 2023: Ranking baseball’s top 100 players
Environment6 months ago
Japan and South Korea have a lot at stake in a free and open South China Sea
Sports2 years ago
Team Europe easily wins 4th straight Laver Cup
Environment9 months ago
Game-changing Lectric XPedition launched as affordable electric cargo bike
Technology2 years ago
Game consoles were once banned in China. Now Chinese developers want a slice of the $49 billion pie
Politics2 years ago
Have the last few wobbly weeks seen a turning point for Johnson as PM?
Business1 year ago
Bank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway