Volvo Automobiles, Northvolt to open battery R&D centre as a part of $3.3 billion funding
STOCKHOLM (Reuters) – Volvo Automobiles and battery maker Northvolt will open a joint analysis and growth centre in Sweden as a part of a 30 billion crown ($3.3 billion) funding, the carmaker mentioned on Friday.
In June, the Swedish corporations introduced plans for a three way partnership to develop batteries for electrical automobiles, together with establishing a gigafactory for manufacturing and an R&D centre.
Volvo Automobiles mentioned the 2 had now signed a binding settlement for the enterprise. The R&D centre, situated in Gothenburg, will begin operations subsequent yr.
“Our partnership with Northvolt secures the availability of high-quality, sustainably-produced batteries for the subsequent technology of pure electrical Volvos,” Chief Govt Hakan Samuelsson mentioned in a press release.
Volvo Automobiles, majority owned by China’s Geely Holding, goals to promote 50% pure electrical automobiles …