Stokholm,
Sweden
Volvo Car Group is
all set to establish a joint venture with Swedish battery company Northvolt to
develop and produce batteries, to power the next generation of pure electric
Volvo and Polestar cars.
As a first step,
Volvo Car Group and Northvolt aim to set up a research and development centre
in Sweden that will begin operations in 2022. They intend to build on the
battery expertise within both companies and develop next-generation,
state-of-the-art battery cells and vehicle integration technologies,
specifically developed for use in Volvo and Polestar cars.
The planned joint
venture will also establish a new gigafactory in Europe with a potential
capacity of up to 50 gigawatt hours (GWh) per year. Production is scheduled to
start in 2026.
By working with
Northvolt, a leader in sustainable battery production, and producing batteries
near its manufacturing facilities in Europe, Volvo Car Group can reduce the
environmental footprint attributable to battery sourcing and production for its
future cars.
Håkan Samuelsson,
Chief Executive, Volvo Car Group, said that, by working with Northvolt, they
will secure a supply of high-quality, more sustainable battery cells for the
pure electric cars.
The new
Gigafactory is planned to be powered by 100 percent clean energy. The location
of the new plant is yet to be decided. The first car to feature battery cells developed
through the joint venture will be the electric successor to Volvo Cars’
best-selling XC60 model.
The partnership
and joint venture are subject to final negotiation and agreements between the
parties, including board approval.
was founded in 1927. Today, it is one
of the most well-known and respected car brands in the world with sales of
661,713 cars in 2020 in about 100 countries.
Northvolt?is a European supplier of sustainable, high-quality battery cells and systems. The company has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint.
Source: Northvolt Press Release
Image Source: Google Images
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