{"id":66965,"date":"2023-09-29T17:29:21","date_gmt":"2023-09-29T21:29:21","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/swedens-northvolt-to-build-5-2-billion-battery-factory-in-canada\/"},"modified":"2023-09-29T17:29:25","modified_gmt":"2023-09-29T21:29:25","slug":"swedens-northvolt-to-build-5-2-billion-battery-factory-in-canada","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66965","title":{"rendered":"Sweden’s Northvolt to build $5.2 billion battery factory in Canada"},"content":{"rendered":"
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\n<\/u>2\/2<\/span><\/p>\n

\u00a9 Reuters. Digital render illustration of Northvolt’s Canada factory. Northvolt\/Handout via REUTERS\/Illustration <\/span>
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By Supantha Mukherjee and Divya Rajagopal<\/p>\n

STOCKHOLM\/TORONTO (Reuters) – Swedish lithium-ion battery producer Northvolt said on Thursday it would open a $5.2 billion gigafactory in Quebec, the largest ever investment in the Canadian province and the latest in electric vehicle battery manufacturing capacity in the country.<\/p>\n

The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. <\/p>\n

Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters.<\/p>\n

The first phase will provide 30 gigawatt hours (GWh) of production capacity, before eventually expanding to 60 GWh with investments approaching $9 billion, said Cerruti, who will lead the project as CEO of Northvolt North America.<\/p>\n

Northvolt already has several European factories and is among a handful of players building a domestic battery industry to fight off the dominance of Asian manufacturers. <\/p>\n

It has raised more than $9 billion in debt and equity since 2017 in its bid to become Europe’s biggest battery manufacturer, including $1.2 billion last month from investors including Canada Pension Plan and Ontario Municipal Employees Retirement System. <\/p>\n

“We looked at 70 different sites at the beginning of this process,” Cerruti said. “We were also looking at the United States but eventually Canada made it for the first factory.”<\/p>\n

He pointed to the availability of sustainable energy, access to skilled workers, proximity to natural resources and other factors such as the attitude of the governments as reasons for the decision.<\/p>\n

The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy.<\/p>\n

“IRA took the industry by surprise,” Cerruti said, adding Northvolt had decided to put together a site selection team around a year ago, accelerating the process earlier in 2023.<\/p>\n

Northvolt has more than $55 billion worth of contracts with mainly European customers such as BMW (ETR:), Scania, Volkswagen (ETR:) and Volvo (OTC:) Cars. <\/p>\n

Cerruti said the company had also secured an anchor customer in North America, but declined to name them.<\/p>\n

“This size of investment and project can not happen if you don’t have an anchor customer,” he said. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2\/2 \u00a9 Reuters. Digital render illustration of Northvolt’s Canada factory. Northvolt\/Handout via REUTERS\/Illustration 2\/2 By Supantha Mukherjee and Divya Rajagopal STOCKHOLM\/TORONTO (Reuters) – Swedish lithium-ion battery producer Northvolt said on Thursday it would open a $5.2 billion gigafactory in Quebec, the largest ever investment in the Canadian province and the latest in electric vehicle battery […]<\/p>\n","protected":false},"author":1,"featured_media":2857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-66965","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSweden's Northvolt to build $5.2 billion battery factory in Canada | iFintechWorld<\/title>\n<meta name=\"description\" content=\"2\/2 \u00a9 Reuters. 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