Northvolt AB’s ambition to be Europe’s global battery company has attracted about US$20 billion in investment and public grants. It’s a challenging goal, as a summer of operational and financial setbacks have shown.
Charles Daly and Rafaela LindebergLouis Tremblay, president and CEO at FLO, joins BNN Bloomberg and talks about the local and international EV market.
Northvolt, founded by two former Tesla Inc. managers about eight years ago, is also facing intensifying competition from China’s battery makers. Rivals such as BYD Co. have improved their offering of cheaper lithium-iron-phosphate batteries, broadening the types of vehicles they can fuel. Leif Ostling, who led Scania until about a decade ago, described the Northvolt venture “as a big risk project” and said deliveries to the truckmaker “are certainly not at the levels they had expected.” Speaking in an interview he added: “Things are a little bit better now and it must gradually get better. But you can see how BMW has pulled out.”
In response to reports in local media about its next funding round, Northvolt’s Kataja this week told business daily Dagens Industri that the company was still working on a larger capital raise. “We’re seeing strong support from our shareholders as well as our customers, and we plan to return with more information before the end of the year,” he said.
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