12 days ago • Posted by William Ramstein

Volkswagen pours $620M in Northvolt to secure 20% stake

Volkswagen take part in a massive $2.75B funding round, keeping its stake in Northvolt stable at 20%. Northvolt is set to produce 40 GWh worth of batteries for VW. Keeping ownership of the Swedish battery maker is a strategically crucial move for the car maker who seeks to become a major player in the EV market. Northvolt will begin cell production in 2023.

Source: Reuters