Northvolt Cuts Cost Estimate For European Battery Plant As Seeks Investors


STOCKHOLM – Northvolt has cut the estimated cost of building Europe’s largest battery factory, giving a boost to a project that faces a battle to attract investors worried about Asia’s head-start in the industry.

The Swedish company, set up by former Tesla executive Peter Carlsson, will spend “significantly less” than its previous guidance of 4 billion euros ($4.7 billion), chief operating officer Paolo Cerruti told Reuters, without giving a new figure.

Cerruti, who co-founded the battery start-up with Carlsson, said Northvolt had identified ways to increase equipment productivity and lower raw material costs as well as the amount of energy needed to produce each gigawatt of battery power.

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