NorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a $4.2 billion lithium-ion battery factory.
Energy storage is seen as the missing link in the world’s transition to a zero-carbon economy and also an area of focus for the connected mobile and M2M landscape.
Batteries can fill power gaps from intermittent solar, hydro, wind and traditional power plant energy production, as well as serve to mitigate peak load servicing costs.
Lithium-ion packs are also key for automakers banking on a new generation of plug-in and hybrid vehicles – and we are all, of course, aware of the charge limitations of many modern smart phones.
The demand side, coupled with natural resource constraints (both fossil fuels and battery manufacturing), mean battery innovation doesn't just make economic sense but is also a long-term global requirement.
NorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a $4.2 billion lithium-ion battery factory. The Stockholm-based company wants to raise 1 billion euros by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla’s former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month. “Europe will be a very important market for energy storage,” Carlsson said by phone. “There is a huge need for back-up power. There is also a sizable auto industry that has made big promises to go electric.”