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Tuesday, June 25, 2024
HomeAutomobileBiden coverage led Northvolt to Canada for $5.2B EV battery plant

Biden coverage led Northvolt to Canada for $5.2B EV battery plant

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Swedish battery agency Northvolt on Thursday mentioned it will construct a $5.2 billion (USD) EV battery manufacturing facility in Canada’s Quebec province—its first exterior of Europe.

Generally known as Northvolt Six, the manufacturing facility will likely be positioned simply exterior Montreal, in keeping with an organization press launch. The primary section of building is scheduled to start out this yr, with the aim of getting the manufacturing facility operational by 2026.

The manufacturing facility will initially have 30 gigawatt-hours of annual battery manufacturing capability, later increasing to 60 gigawatt-hours. The 170-hectare web site will host cathode and cell manufacturing, in addition to battery recycling, in keeping with Northvolt.

Rendering of Northvolt Six battery factory in Quebec, Canada

Rendering of Northvolt Six battery manufacturing facility in Quebec, Canada

The Inflation Discount Act (IRA) handed final yr was one of many elements within the firm’s selection of Canada for the brand new manufacturing facility. The placement checks one of many packing containers for qualification for the revamped federal EV tax credit score which, below the IRA, stipulates North American manufacturing for EV batteries.

“IRA took the business without warning,” Northvolt co-founder Paulo Cerruti, a former Tesla govt when that firm was organising its Nevada Gigafactory, mentioned in an interview with Reuters. He mentioned Northvolt assembled a web site choice staff round a yr in the past, accelerating the method in early 2023. Some websites within the U.S. had been additionally thought of, Cerruti instructed Reuters. The Canadian web site was finally chosen partly due to entry to uncooked supplies and renewable power.

Cerruti additionally instructed Reuters that Northvolt had secured an “anchor buyer” for the Canadian manufacturing facility, however declined to call it. The corporate has already named two main automakers as prospects for its European battery crops.

Northvolt Revolt battery recycling

Northvolt Revolt battery recycling

Northvolt plans a mammoth battery plant in Sweden with Volvo able to supplying 500,000 EVs yearly. It seems an electrical XC60 SUV may be one of many first Volvo merchandise to get Northvolt cells—round 2026. Northvolt can be planning to make $2.3 billion of batteries for BMW, beginning in 2024.

Northvolt began in 2017 with a number of former Tesla executives, and declarations that if no person rises in Europe to scale up with EV batteries, Europe could be depending on Asia for its battery provide. In 2021, it confirmed a cell made with 100% recycled nickel, manganese, and cobalt (NMC).

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