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read more at: https://www.bloomberg.com/news/artic...lion-next-yearNorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a 4 billion euro ($4.2 billion) lithium-ion battery factory.
The Stockholm-based company wants to raise 1 billion euros by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla’s former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month.
“Europe will be a very important market for energy storage,” Carlsson said by phone. “There is a huge need for back-up power. There is also a sizable auto industry that has made big promises to go electric.”
Energy storage is seen as the missing link in the world’s transition to a zero-carbon economy. Batteries can fill power gaps from intermittent solar and wind energy. Lithium-ion packs are also key for automakers banking on a new generation of plug-in vehicles.
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