Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Sweden's Northvolt teams up with BMW, Umicore for electric car batteries

Published 15/10/2018, 10:40
Updated 15/10/2018, 10:50
© Reuters. Paris Auto Show

© Reuters. Paris Auto Show

STOCKHOLM (Reuters) - Northvolt, which is building Europe's largest battery factory in Sweden, has joined forces with German luxury carmaker BMW (DE:BMWG) and Belgium's Umicore (BR:UMI) to develop a process for electric car batteries to be recycled.

BMW had a funding investment of undisclosed size in the venture, the Swedish startup, which plans to build a factory in Sweden to produce 32 gigawatt hours (GWh) of battery capacity a year by 2023, said in a statement on Monday.

© Reuters. Paris Auto Show

The partnership could indicate that BMW will source batteries from Northvolt, giving investors confidence to fund the project that is expected to raise debt and equity next year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.