Pinwan, May 23, recently, the Swedish battery manufacturer Northvolt began shipping, becoming the first European company to supply power batteries to car manufacturers.
Northvolt is a star company in the European battery industry. Although established only 6 years ago, Northvolt has received investment from BMW, Volkswagen, Goldman Sachs, Spotify and other companies, and a private equity investment of $2.75 billion was obtained in June last year. Hydrovolt, established by Northvolt and Hydro, is Europe’s largest recycling plant for electric vehicle batteries, processing around 25,000 used batteries per year.
According to data from Bloomberg New Energy Finance (BNEF), European new energy vehicle sales currently account for nearly 34% of the global share, making it the second largest market in the world. However, in the new energy vehicle industry chain, it has no advantage in battery supply and mineral resources. According to data from market research firm SNE Research, in the first quarter of this year, the top ten companies in the global power battery installations were all Asian companies, with an overall market share of more than 90%. Data from the U.S. Geological Survey shows that the upstream raw materials required for power batteries are mostly found in Latin America, Africa and Australia.
Most of Northvolt’s customers are local European car companies. The company said it has secured more than $50 billion in orders from automakers including BMW, Volkswagen and Volvo, and will ramp up production for the rest of the year. Volkswagen, one of Northvolt’s biggest investors, has unveiled plans to build battery factories locally and hopes to build six large battery factories in Europe by 2030.
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