Exclusive: Northvolt Plots EV Battery Grab With $750 Million Swedish Lab Plan

Exclusive: Northvolt Plots EV Battery Grab With $750 Million Swedish Lab Plan
Employees work at the Northvolt facility in Vasteras, Sweden on Sept. 29, 2021. Helena Soderpalm/Reuters
Reuters
Updated:

STOCKHOLM—Northvolt plans to invest $750 million expanding its laboratory facility in Sweden, a top executive said, to meet soaring demand for lithium-ion batteries as carmakers go electric.

As it aims to take on major Asian players such as CATL and LG Chem, Northvolt said it would set up the “first R&D campus covering the entire battery ecosystem”.