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☆ Global Battery Race Heats Up With Billions for Europe’s Northvolt
▼ + stars: | 2024-01-16 | by ( Amrith Ramkumar | William Boston | ) www.wsj.com time to read: 1 min

One of the world’s most valuable battery startups is raising $3.4 billion in debt from the European Union and a group of banks including JPMorgan Chase , accelerating a race to build more batteries outside China and take advantage of a tidal wave of clean-energy subsidies. Europe’s Northvolt plans to use the funding to grow battery production at a factory in northern Sweden for customers such as Volkswagen and BMW . It also plans to expand a recycling facility next door that will convert scrap metal and old batteries into reusable battery materials.

Persons: Northvolt Organizations: European Union, JPMorgan Chase, Volkswagen, BMW Locations: China, Sweden

☆ E-Flight Challenge pitched a car against a plane -- and the car won
▼ + stars: | 2023-11-14 | by ( Miquel Ros | ) edition.cnn.com time to read: +12 min

Members of the E-Flight Challenge team lined up to watch the battery-powered airplane gracefully descend on the island of Norderney, just off the northwest coast of Germany. The long road ahead for electric aviationYou could say that the E-Flight Challenge takes its inspiration from the early days of aviation. The Elektra Trainer used in the E-Flight Challenge, for example, can carry a maximum of two people. Miquel RosIn this context, the E-flight Challenge served as an illustration of the challenges of electric flight – but also of its promise. The progress compared to just three years ago has been astonishing!” explains Morell Westermann, one of the E-Flight Challenge initiators.

Persons: Louis, Charles Lindbergh’s, Heart Aerospace –, –, Miquel Ros Italy’s Tecnam, China’s, Cuberg, ” Robin Riedel, Riedel, Norbert Werle, Tesla, Werle, ”, John Langford, Miquel Ros, Morell Westermann, Westermann Organizations: CNN, Lucid Motors Air, Louis Blériot’s, Channel, Heart Aerospace, United Airlines, Royce, Norwegian, Widerøe, Airbus, Boeing, Aerospace, McKinsey, Alamy, “ Aircraft, Lucid Motors Locations: Norderney, Germany, Gelnhausen, Frankfurt, Norway, Swedish, California, Berlin, The Virginia, “, Swiss

☆ Climate tech is like catnip to investors. Here's why the $13 billion sector is outperforming other industries.
▼ + stars: | 2023-11-02 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +7 min

Europe's startup ecosystem has been battered this year but climate tech founders have managed to avoid the brunt of the immense downturn so far. PwC's global analysis of the sector also points to climate tech outperforming the norm, accounting for a tenth of private market investments in 2023. Venture capital investment into European startups more broadly is primed to slump by around 46% to 58.1 billion euros in 2023. These obligations have helped make climate tech startups "catnip to investors," Sustainable Ventures' Stuart Ferguson said. Last year, European companies like electric vehicle manufacturer Polestar and batter-maker Northvolt raised 1.6 billion euros and 1 billion euros respectively.

Persons: They've, Stuart Ferguson, Fabian Heilemann, Heilemann, Biden's, Warner, Namratha, Mark Bula, Northvolt, Lisa Barclay, Ferguson, Aenu's Organizations: Steel, Venture, Sustainable Ventures, Warner, Ada Ventures, Elyos Energy, Green Steel, Nesta, Investments Locations: Swedish, British, Norwegian, London, Norway

☆ The 53 most promising climate tech startups of 2023, from AI robotics to soil carbon sampling, according to top VCs
▼ + stars: | 2023-10-13 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Climate tech, which encompasses everything from sustainable materials and financing for farmers to e-bikes and carbon accounting software, has not been immune to the tech slow down. But as society increasingly realizes it must race to net zero greenhouse gas emissions, climate tech continues to spark interest from VCs. Insider asked top VCs which climate tech startups were hot this year. Some VCs named several startups. Check out the 53 startups below, in alphabetical order.

Persons: John Kerry Organizations: Energy, Redwood Materials Locations: VCs

☆ Veterans from Tesla, Northvolt hatch plan to mass-produce huge batteries to store solar and wind energy
▼ + stars: | 2023-10-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

The mountains of Colorado in the background inspired the name of the company, Peak Energy. We're completely the opposite," Cameron Dales, president and chief commercial officer of Peak Energy, told CNBC in a video interview Friday. 1 issue we face as it relates to expanding renewable energy sources is storage," Reichow told CNBC. "We're running a playbook which I and the rest of the executive team initially demonstrated and deployed at Northvolt," Mossburg told CNBC. "Landon and I worked together at Tesla and I know what he's capable of delivering," Reichow told CNBC.

Persons: Cameron Dales, Landon Mossburg, We're, Greg Reichow, Reichow, Ryan Gibson, Aidan Madigan, Curtis, Cameron, Mossburg, Northvolt, Peter Carlsson, Rho Kana, Enovix, Anil Achyuta, Landon, Tesla, Cam, It's, Alun Thomas, Dales Organizations: Peak Energy, Energy Battery, Energy, CNBC, Eclipse, Tesla, TDK Ventures, United States Energy Information Administration, Eclipse Venture, Cameron Dales, US, Dales, Symyx Technologies, Northvolt, Ford, Manufacturing Engineering, Panasonic Locations: Colorado, Silicon, Tokyo, San Francisco, Northvolt, Sweden, Cameron Dales, Fremont , Calif, Fremont , California, Penang, Malaysia, China, United States, U.S, Nevada, Enovix

The move is aimed at helping auto makers to diversify their supply chains and increase their reliance on reliable partners like Canada, Investissement Quebec CEO Guy LeBlanc said on Thursday. LeBlanc said Quebec has secured C$15 billion over the past three years and another C$15 billion is coming in the next three years. He added that the Canadian province decided to play to its strengths and develop a strategy to promote its critical mineral resources, including lithium, nickel and graphite. Over the past three years, Quebec has attracted investments from auto and battery makers such as General Motors (GM.N) POSCO (GM.N) and Ford Motors (F.N). The Canadian government has wooed investments by providing subsidies worth C$28.2 billion for auto makers such as Stellantis and Volkswagen.

Persons: Mark Blinch, Guy LeBlanc, LeBlanc, " LeBlanc, Divya Rajagopal, Paul Simao Organizations: REUTERS, Rights, Reuters, Investissement, General Motors, Ford Motors, Canadian, Volkswagen, Huawei, U.S, Thomson Locations: Toronto, Quebec, Canadian, Canada, Investissement Quebec, North America, China, British Columbia

☆ Northvolt co-founder discusses new giga-factory openings against backdrop of IRA
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorthvolt co-founder discusses new giga-factory openings against backdrop of IRAPaolo Cerruti, co-founder of Swedish battery company Northvolt, discusses company plans to open giga-factories in Germany and Canada and how decisions are being made in the context of the U.S. Inflation Reduction Act.

Persons: Paolo Cerruti Organizations: giga, Swedish, U.S Locations: Germany, Canada

☆ Biden's IRA plan pushes battery-maker Northvolt to plan new factory in Canada
▼ + stars: | 2023-09-29 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

The U.S. Inflation Reduction Act has driven Swedish battery maker Northvolt to announce for a factory in Canada earlier than originally expected, in a concrete example of how Biden's policy is influencing business decisions. "It definitely played a role to accelerate our decision to expand into North America," Paolo Cerutti, co-founder of Northvolt told CNBC. Northvolt announced Thursday it will establish a fully integrated lithium-ion battery gigafactory in the Canadian province of Quebec — its first factory outside Europe. The $300 billion U.S. Inflation Reduction Act, often referred to as IRA, is a landmark climate and tax deal that includes green subsidies for businesses. Canada has also offered the Swedish battery maker its own support in the form of loans.

Persons: Northvolt, Paolo Cerutti Organizations: CNBC Locations: Swedish, Canada, North America, Canadian, Quebec, Europe

☆ Northvolt announces new factory in Canada
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNorthvolt announces new factory in CanadaPaolo Cerutti, co-founder of Northvolt, outlines why the battery maker is building a factory in Canada.

Persons: Northvolt, Canada Paolo Cerutti Locations: Canada

☆ Quebec Lures $5 Billion Battery Factory for Electric Cars
▼ + stars: | 2023-09-28 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: 1 min

Northvolt, a Swedish maker of batteries for electric cars, said on Thursday that it would build a factory near Montreal after the Canadian government matched financial incentives that would have been available from the United States. The company will invest $5 billion in the factory, which will employ as many as 3,000 people and be among the largest battery plants in North America when it begins production in 2026. The Inflation Reduction Act, President Biden’s signature climate law, includes billions of dollars in incentives to create a domestic battery industry. It has sparked a boom in investment as well as fierce competition among government officials seeking to lure companies to their states or provinces. U.S. allies have complained that incentives designed to create a domestic supply chain have ignited a costly subsidy arms race.

Locations: Swedish, Montreal, United States, North America, U.S

The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. "We looked at 70 different sites at the beginning of this process," Cerruti said. The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy. "This size of investment and project can not happen if you don't have an anchor customer," he said.

Persons: Northvolt, Paolo Cerruti, Cerruti, Supantha Mukherjee, Divya Rajagopal, Kirsten Donovan Organizations: Reuters, Northvolt, Canada, Ontario, BMW, RIC, Volvo, Thomson Locations: STOCKHOLM, TORONTO, Swedish, Quebec, Canadian, Montreal, Northvolt North America, United States, Canada, Scania, North America, Stockholm, Toronto

☆ Exclusive: China's Gotion buys 25% stake in Slovak EV battery startup Inobat
▼ + stars: | 2023-09-01 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - Chinese battery maker Gotion High Tech (002074.SZ) is buying a 25% stake in Slovak battery maker Inobat and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on Thursday. Inobat said the investment will provide it access to Gotion's research and development, as well as to the Chinese battery maker's raw materials including lithium, and to cell production and recycling capabilities. Gotion said last year that it plans to locate one third of its production capacity outside China by 2025 to meet growing demand from EV makers and energy storage clients. The Chinese battery maker is building a $2.36 billion plant in Michigan and is looking at setting up an EV battery plant in Morocco with a potential investment of up to $6.3 billion. Inobat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, though those agreements are not final.

Persons: Inobat, Li Zhen, Northvolt, Gotion, Nick Carey, Simon Cameron, Moore Organizations: Gotion High Tech, Gotion, Volkswagen, Volvo, Reuters, BlackRock, EV, Thomson Locations: Europe, North America, China, Michigan, Morocco, Spain, Serbia

Leading the round alongside BlackRock, the world's biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. The fresh funds will help the firm expand its factory footprint, Hartman said. Separately, Northvolt has assembled its first energy storage system products in Poland and expects to start customer deliveries from later this year. "We have a business plan... we always want to make sure we have access to the markets," Hartman said. Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.

Persons: Helena Soderpalm, IMCO, Northvolt, Alexander Hartman, Goldman Sachs, Baillie Gifford, Swedbank, Singapore's, Chow, Hartman, Supantha Mukherjee, Simon Jessop, Mark Potter Organizations: REUTERS, BlackRock, Reuters, Management Corporation of Ontario, Volkswagen, Chow Tai Fook Enterprises, BMW, Volvo, Thomson Locations: Vasteras, Sweden, BlackRock, Canada, STOCKHOLM, LONDON, Swedish, Europe, North America, Ontario, Hong Kong, Germany, United States, Scania, Poland, Stockholm, London

While global supply networks recover from the pandemic shock, fresh impetus is coming from tougher environmental standards, which drive companies to invest in new technologies to reduce their and their suppliers' emissions. "So in battery, steel, aluminum and cast iron we will only source green materials and technologies by 2030," Foller told Reuters. The foundation told Reuters it would also consider further investments in producers of steel, construction and green aluminium produced with hydropower or from recycled materials. Scania said that following its 10 million euro ($11.15 million) seed investment in H2GS in 2021, it has entered a steel supply agreement from 2027. While companies will keep investing in their suppliers in the short to medium term, the market will eventually reach saturation, said Jon Chadwick, global energy transition lead at PricewaterhouseCoopers.

Persons: Andreas Follér, Foller, Rebecca Campbell, China's, Scania's Foller, Britain's, They're, Maybel Saleh, Case's Campbell, Jon Chadwick, Clara Denina, Sarah McFarlane, Helen Reid, Veronica Brown, Tomasz Janowski Organizations: IKEA, Climate Tech VC, Scania, Reuters, White &, Export, GM, IMAS Foundation, Airlines, EMEA, Citi . Supply, Equity, PricewaterhouseCoopers, Thomson Locations: Ukraine, China, Russia, Beijing, Sweden, Swedish, H2GS, Norway, Germany, Indonesia, Britain, Bristol

☆ Britain upgrades to also-ran in EV battery race
▼ + stars: | 2023-07-19 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Prime Minister Rishi Sunak is joining the global arms race to secure future industries, but he has a long way to go. Europe may have 25 so-called gigafactories, vast plants that turn raw materials such as lithium into battery packs, by 2025. While both Theresa May and Boris Johnson tried, they failed to win over big global players like Tesla (TSLA.O), Samsung or Northvolt, which preferred European sites. The UK leader can at least now claim he can attract global players. But Tata’s 40 GWh of new capacity brings Britain’s total to just over 50 GWh by 2026, after factoring in the plant operated by China’s Envision in Sunderland.

Persons: Rishi Sunak, Joe Biden’s, Theresa May, Boris Johnson, Britishvolt, China’s, Sunak, George Hay, Pranav Kiran, Oliver Taslic Organizations: Reuters, Tata Group, Honda, Samsung, Tata, Rover, Toyota, The Society of Motor Manufacturers, Traders, Faraday, India’s Tata Group, Thomson Locations: Indian, Somerset, Japanese, Europe, United States, Britain, Sunderland

☆ Canadian pension fund taps Europe's green hydrogen hopes with Dutch investment
▼ + stars: | 2023-07-11 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

LONDON, July 11 (Reuters) - Canada's biggest pension fund, CPP Investments, has made its first bet on green hydrogen playing a growing role in cutting emissions, with a 130 million euro ($143 million) investment and the purchase of a majority stake in a three-year-old Dutch firm. "Europe is generally seen as the leading industrial market or consumer for these green molecules. Power2X's current projects include a green hydrogen and ammonia development in Portugal and a solar power and green hydrogen project in Spain. Expanding green hydrogen production will require more renewable power generation, and some questions remain over its potential use cases versus other low-emission technologies. Last month Canada's Investment Management Corporation of Ontario announced a $400 million investment in Sweden's battery producer Northvolt.

Persons: Bruce Hogg, CPPI, Hogg, Occo Roelofsen, Tommy Reggiori Wilkes, Conor Humphries Organizations: Investments, Reuters, Investor, McKinsey, Investment Management Corporation of Ontario, Thomson Locations: Amsterdam, Europe, Portugal, Spain, Power2X

☆ Germany's Scholz hints at more chip investments
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

"I know of other plans by German companies and many others," Scholz told the Bundestag lower house of parliament after listing recent projects announced by chipmakers Intel (INTC.O) and Infineon (IFXGn.DE). He vowed that Germany's efforts would help companies become less dependent on semiconductor supplies from other regions, days after China announced restrictions on two metals used in high-speed computer chips. "Many people around the world have understood that we have to become resilient, and that there are certain industries that should necessarily be located here in Europe and in Germany," Scholz said. Intel announced plans last month to spend more than 30 billion euros ($33 billion) on developing two chip-making plants in the central city of Magdeburg. "It's an impressive signal that so many German and international companies are choosing Germany for the expansion of their semiconductor production," Scholz told the Bundestag.

Persons: Olaf Scholz, Scholz, Taiwan's TSMC, Tesla, Matthias Williams, Sarah Marsh, Miranda Murray, Friederike Heine, Emma Rumney Organizations: chipmakers Intel, Infineon, Union, Intel, Thomson Locations: BERLIN, Germany, Europe, China, Moscow, Magdeburg, Berlin

☆ Analysis: Auto firms race to secure non-Chinese graphite for EVs as shortages loom
▼ + stars: | 2023-06-21 | by ( Eric Onstad | ) www.reuters.com time to read: +6 min

Auto firms have been slow to plan for graphite shortages, focusing mainly on better-known battery materials lithium and cobalt, even though graphite is the largest battery component by weight. Graphite shortages are expected to rise in coming years, with a global supply deficit of 777,000 tonnes expected by 2030, Project Blue projections showed. China produces 61% of global natural graphite and 98% of the final processed material to make battery anodes, BMI said. Agreeing graphite supply deals is complex, requiring extensive safety testing for material going into each model of EV that can take up to three years. Natural graphite anodes tend to be cheaper and are beneficial for cell capacity and power output, allowing cars to run further distances before charging.

Persons: Tomas Bergman, Handout, there's, Mark Thompson, Australia's, Northvolt, Thompson, Talga, Mercedes, Brent Nykoliation, Tesla, George Miller, Reitumetse, Eric Onstad, Veronica Brown, Sharon Singleton Organizations: Talga Group, Reuters, Mercedes, Auto, Australia's Talga, BMO Capital Markets, Benchmark Mineral Intelligence, BMI, Reuters Graphics, Toyota, Ford, Tesla Inc, Toyota Motor Corp, Ford Motor, Benz, Renault, NextSource, Syrah Resources, Magnis Energy Technologies, U.S, European Union, Thomson Locations: Norrbotten, Sweden, China, Madagascar, Mozambique, United States, Europe, U.S, Mauritius, CHINA, Western

Northvolt, which counts BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) among its investors, last year delivered its first battery cells from its gigafactory in Skelleftea in Sweden. In its largest deal in Europe yet, IMCO has invested $400 million in Northvolt through convertible notes, it told Reuters. "Whether it (Northvolt) goes public or stays private, we've done our homework and we are happy with the investment." Matthew Mendes, IMCO's head of infrastructure, said the Northvolt investment was examined jointly by his team and IMCO's public equities managers. IMCO has an investment team of 110 staff, which it plans to grow as it looks for more investments overseas.

Persons: IMCO, we've, Northvolt, Stoyanova, Carlyle, Matthew Mendes, IMCO's, Mendes, Simon Jessop, Tommy Reggiori Wilkes, Marguerita Choy Organizations: Energy, Canada's Investment Management Corporation of Ontario, BMW, Volkswagen, Reuters, Blackstone, Thomson Locations: Europe, Swedish, Skelleftea, Sweden, Germany, Britain, North America, Ontario, Brookfield

Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. "Today's agreement is an important step for Germany as a high-tech production location – and for our resilience," Scholz said after Monday's signing. Globally, semiconductor manufacturing is expected to become a trillion-dollar industry by 2030, expanding from $600 billion in 2021, according to McKinsey. Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. About 7,000 construction jobs will be created in the first expansion, plus around 3,000 high-tech jobs at Intel and tens of thousands of jobs across industry, the U.S. chipmaker said.

Persons: Olaf Scholz, Pat Gelsinger, Scholz, Israel, Dado Ruvic, Robert Hermann, Taiwan's TSMC, Tesla, Robert Habeck, chipmaker, Gelsinger, Maria Martinez, Riham, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton, Catherine Evans Organizations: Intel, Intel Intel, Germany's, U.S, AMD, Nvidia, Samsung, Union, McKinsey, REUTERS, Germany Trade, Invest, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, Europe, Berlin, Saxony, Anhalt, EU, chipmaking, Poland, United States, South Korea, Taiwan, Frankfurt, U.S, Ireland, France, Asia

The deal in Germany would be Intel's third big investment in four days, following a $4.6 billion chip plant in Poland and a $25 billion factory in Israel. Intel plans to invest around 30 billion euros in the Magdeburg plant, the person said. Scholz said on Monday that his government was working on investment projects that would make Germany one of the world's leading locations for semiconductor production. Frankfurt-listed Intel shares were 0.7% lower at 1137 GMT. ($1 = 0.9150 euros)Writing by Christoph Steitz; editing by Rachel More, Jason Neely and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pat Gelsinger, Olaf Scholz, Scholz, Taiwan's TSMC, Tesla, Gelsinger, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton Organizations: Intel, U.S, AMD, Nvidia, Samsung, EU, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, chipmaking, Poland, Israel, United States, Europe, Berlin, South Korea, Taiwan, Frankfurt, Ireland, France, Asia

STOCKHOLM, June 6 (Reuters) - Swedish startup evroc, which is backed by EQT Ventures and Norrsken VC, plans to raise and invest 3 billion euros ($3.2 billion) over the next couple of years to start operating two "hyperscale" data centres. Led by serial entrepreneur Mattias Åström, evroc plans to keep the data within Europe. It has raised a seed round, and plans to build eight hyperscale data centres by 2028, three software development hubs and employ over 3,000 people. It will use a technique called "eco load balancer" which will move data processing between evroc's data centres based on where renewable energy is most readily available and affordable. "When there is sunshine in Spain, we move data processing to Spain; when there's wind in the Netherlands, we move data processing there," Åström said.

Persons: Mattias Åström, Åström, Supantha Mukherjee, Hugh Lawson Organizations: EQT Ventures, Norrsken, Reuters, Thomson Locations: STOCKHOLM, Europe, Spain, Netherlands, Sweden, Northvolt, Stockholm

☆ Factbox: Companies invest in EV battery factories in Europe
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +6 min

Below are recent investments announced by companies:GERMANYSweden's Northvolt said on May 13 it will invest 3-5 billion euros ($3.3-5.5 billion) in an EV battery plant in Heide in the northern state of Schleswig-Holstein as long as subsidies are approved. Volkswagen (VOWG_p.DE) plans to build six battery factories in Europe totalling 240 gigawatt (GWh) of capacity by 2030. Production at its first battery plant, "SalzGiga", in Salzgitter in the Lower Saxony region will start in 2025. Slovakian battery manufacturer InoBat said last October it had signed a declaration of intent with the Spanish government to set up an EV battery factory in central Spain's city Valladolid, expected to cost 3 billion euros. POLANDLG Chem EV battery in Wroclaw started production in the second half of 2017, with a capacity of 100,000 batteries per year.

Persons: Helena Soderpalm, GERMANY Sweden's Northvolt, China's CATL, Germany's, Mercedes Benz, Elon Musk, Berclau, Taiwan's ProLogium, Jean, Luc Monfort, Mata, BASQUEVOLT, InoBat, China's BYD, AEHRA, Poland's, Alessandro Parodi, Tiago Brandao, Matteo Allievi, Barbara Lewis, Milla Nissi Organizations: REUTERS, Volkswagen, EV, Germany's BASF, Automotive Cells Company, ACC, Stellantis, Tesla, FRANCE Joint, France, Renault, Basque Country, Spanish, India's Tata Group, ITALY Joint, POLAND LG, European Commission, SWEDEN Northvolt's Skelleftea, Thomson Locations: Vasteras, Sweden, Europe, Asia, United States, GERMANY, Heide, Schleswig, Holstein, Salzgitter, Lower Saxony, China, Erfurt, Thuringia, Schwarzheide, Brandenburg ., Ludwigsfelde, Berlin, Kaiserslautern, Rhineland, Palatinate, Gigafactory, FRANCE, Billy, France, Dunkirk, Douai, Ruitz, Ergué, Quimper, Montreal, SPAIN Spain, Europe's, Germany, Navalmoral de, Extremadura, Sagunto, Valencia, Spain, Basque, Slovakian, Spain's, Valladolid, Britain, ITALY, Termoli, POLAND, Wroclaw, HUNGARY

☆ As U.S. Races Ahead, Europe Frets About Battery Factory Subsidies
▼ + stars: | 2023-05-31 | by ( Jack Ewing | Melissa Eddy | ) www.nytimes.com time to read: +1 min

European leaders complained for years that the United States was not doing enough to fight climate change. Officials have been traveling there to court one of Europe’s few homegrown battery companies, Northvolt. Led by a former Tesla executive, Northvolt is a small player in the global battery industry, but European leaders are offering it hundreds of millions of euros to build factories in Europe. Mr. Habeck visited in February to lobby the company to push ahead on its plan to build a factory near Hamburg, Germany. The company had considered postponing to invest in the United States instead.

Persons: Biden, Robert Habeck, Northvolt, Habeck Organizations: Northvolt, Tesla Locations: United States, Germany, France, Britain, China, South Korea, Vasteras, Stockholm, Europe, Hamburg

But rival European battery groups are still scarce, and global carmakers have more to gain than lose. Chinese battery suppliers like Contemporary Amperex Technology (CATL), SVOLT, Envision, and most recently EVE Energy (300014.SZ), are shaking up Europe’s e-mobility supply chains. At 4.5 billion euros, investments in projects to build new plants in Europe overtook spending on mergers and acquisitions. European battery makers will struggle to compete. Given the chance, Chinese battery makers can power up Europe’s own supply chains, and its auto companies too.

Persons: CATL, It’s, Bernstein, Emmanuel Macron, Tesla, Elon, Lisa Jucca, Thomas Shum Organizations: Reuters, Volkswagen, BMW, Volvo, Technology, EVE Energy, Shanghai Putailai, Energy Technology, Mineral Intelligence, Companies, Wall Street, LG, Samsung SDI, Union, Commission, EU, United, Mercedes, Benz, Elon Musk’s, Mercator Institute for China Studies, Thomson Locations: HONG KONG, China, People’s Republic, Europe, Shanghai, People’s, Sweden, United States, EU, Hungary, Spain

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