European energy storage lithium battery factory

Will Europe's first lithium-ion battery cell Gigafactory be financed?

The European Investment Bank (EIB) has agreed in principle to provide EUR 350 million in financing to support Northvolt's development of Europe's first lithium-ion battery cell gigafactory. The factory in Sweden will help reduce the EU's dependence on oil and imported batteries.

How much lithium-ion battery production capacity is planned in Europe?

According to upstream-focused publisher Battery-News.De, as of July 2022, 1,416GWh of lithium-ion battery cell annual production capacity is planned in Europe. (An infographic map produced for the publisher is pictured below.)

Are European companies producing lithium-ion batteries for mass markets?

No European companies were producing lithium-ion batteries for mass markets and this part of the EU market was dominated by Asian producers. But the situation is changing. More and more companies are creating factories for lithium-ion battery manufacturing in Europe, for example:

Why does Northvolt build Europe's largest battery factory?

The ability to store energy is also crucial to free the world’s energy generation and distribution from coal, oil and natural gas. Northvolt accelerates this transition by building Europe’s largest battery factory and enabling this inflection point. The success of this undertaking is grounded in the unique competencies of the Northvolt team.

What is batteries Europe?

To align EU efforts on battery research and innovation, the European Technology and Innovation Platform Batteries Europe was launched in 2019. As a central hub for all battery-related research in Europe, Batteries Europe acts as the research and innovation coordination strand of the European Battery Alliance.

Is Europe behind in battery industrialization?

Compared with Asia and the US, Europe is behind in the battery industrialization. With societal ambitions when it comes to growth and sustainability, action is needed. The project resonates commercially, since the demand from automotive and energy storage sectors will be huge ” says Paolo Cerruti, COO of Northvolt.