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Northvolt raises $1.2 billion for battery production in Canada.


Aug 27, 2023 , ,
Northvolt привлекает $1,2 млрд. на производство аккумуляторов в Канаде

A new battery factory will be built in Canada thanks to a $1.2 billion investment from Northvolt, a Swedish business started by former Tesla workers. The company already has a facility in Sweden, but it has to increase its output to keep up with the rising demand for batteries. Canada was selected as the location for the new plant’s development due to the country’s high level of research infrastructure and availability of resources.

The new Northvolt factory in Canada is anticipated to have a 50 GWh annual production capacity, greatly enhancing the firm’s production capability. The factory will be erected on more than 500,000 square meters of land. The business will be able to do this to lower the price of making batteries while also increasing production volumes and efficiency.

The construction of a new Northvolt plant in Canada and the ensuing $1.2 billion investment will have a considerable effect on the energy storage market. The company will be able to fulfill the rising demand for batteries and lower their price thanks to the increase in production capacity. In turn, this will encourage the growth of renewable energy and electric transportation, as well as accelerate the switch to greener energy sources.

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