According to a press release , Volkswagen AG is planning to invest around EUR 900 million in joint battery activities with Northvolt AB . Part of that sum is earmarked for a 50/50 joint venture with the Swedish battery manufacturer, which is to be established in 2019. Another part of it is going directly into Northvolt. In return, Volkswagen is getting a 20% share of the manufacturer and a seat on the supervisory board, subject to approval under competition law. The aim of the collaboration is to set up a 16 GWh battery cell production facility in Europe. The plan is to build the plant in Salzgitter in Lower Saxony, starting at the earliest in 2020. The launch of battery cell production is planned for the end of 2023/start of 2024.
“In Northvolt we have now found a European partner, too,” says Volkswagen Director of Procurement Dr. Stefan Sommer. According to its own information, the Volkswagen Group will have an annual demand for more than 150 GWh in both Europe and Asia in the context of its electrification strategy from 2025.