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In Sweden, architects are attempting to journey back to the days before concrete, bricks, and steel, and building impressive towers made with timber, The Washington Post reported. The architects told the Post that, at least in the heavily forested areas of Sweden, wood-based architecture is the future of sustainable building for several reasons. The building material's emissions have grown faster than most other single sources of carbon dioxide thanks to their increased demand and production, Inside Climate News reported. In places like West Africa , architects like Diébédo Francis Kéré are turning back to traditional building materials like soil, stone, and vegetation as sustainable building materials . "The built environment — as it is built now — is not sustainable," Michael Green, the author of "The Case for Tall Wood Buildings," told the Post.
Persons: , Robert Schmitz, Therese Kreisel, Sara, JONATHAN NACKSTRAND, White Arkitekter, Sara center's, Diébédo Francis Kéré, Michael Green Organizations: Service, Washington Post, Post, Sara Cultural Center, Getty, Sweden doesn't, Climate, University of Rochester, World Steel Association Locations: Sweden, Skelleftea, AFP, Stockholm, Europe, Asia, West Africa
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
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
NorthvoltHow Northvolt's process worksNorthvolt's recycling process, which was dreamed up in 2018 and planned and tested in the following years, involves crushing, shredding, and filtering dismantled batteries. Northvolt is left with a black powder called black mass, which contains nickel, manganese, cobalt, and lithium. Once Northvolt's latest venture, Revolt Ett, is up and running at full capacity, it's expected to recycle 125,000 tons of battery materials each year. Cylindrical cells; shredded pieces of steel, copper, aluminium, plastic, and black mass from mechanical recycling; black mass; and a mix of nickel, manganese, and cobalt sulfates. The Hydrovolt pilot runs Northvolt's recycling process up to the black-mass stage.
March 26 (Reuters) - Swedish lithium-ion battery producer Northvolt is in talks to secure more than $5 billion of financing to pursue its goal of becoming Europe's biggest battery manufacturer, the Financial Times reported on Sunday. The company is negotiating with a number of banks to raise the amount and an agreement could be reached later this year, the FT said, citing people with knowledge of the matter. Northvolt has so far raised billions via debt issuance to fund its factory investments, including $1.1 billion in convertible notes last year that have helped it ramp up production at its gigafactory in Skelleftea, Sweden. Reuters last month reported that Northvolt is close to hiring banks for an initial public offering (IPO) in Europe or New York that could value the company at more than $20 billion. Reporting by Aarati Krishna in Bengaluru; Editing by Edwina Gibbs, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.
A Northvolt building in Sweden, photographed in February 2022. Mikael Sjoberg | Bloomberg | Getty ImagesSKELLEFTEA, Sweden ꟷ Battery firm Northvolt will outline details of a new manufacturing plant in the U.S. before the start of the summer, CEO Peter Carlsson told CNBC Tuesday. The Swedish company has been reevaluating some of its investment decisions in light of the U.S. Inflation Reduction Act — often referred to as IRA. "I would be surprised if we have not done an announcement by latest in Q2 [second quarter]," he said. A worker walking past the coating ovens section at the Northvolt Ett factory in Skelleftea, north Sweden.
Northvolt's stock market debut would come in an IPO market that has gradually recovered from a major slump in 2022, which was driven by stock market volatility and fears of an economic slowdown. Northvolt has so far raised billions in debt to fund its factory investments, including a $1.1 billion raise last year in convertible notes. Northvolt has used the money from convertible bonds to increase liquidity and ramp up production at its gigafactory in Skelleftea, Sweden. Northvolt has raised about $8 billion in debt and equity to date from a wide range of investors, including Baillie Gifford and Folksam Group. (This story has been corrected to say that Northvolt 'has used the money from convertible bonds', not 'has refinanced its convertible bonds', in paragraph 7)Reporting by Anirban Sen in New York and Supantha Mukherjee in Stockholm; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Last week, the European Commission was set to give a final ruling on whether lithium, a crucial battery input, should be classified as a toxic substance. Europe’s nascent battery companies are warning that investors may be drawn away from the continent to the U.S. where the IRA has created strong incentives to establish supply chains in the country. So far, within the European battery industry, Sweden’s Northvolt AB has been one of the few victories for the EU. She said the EU should “simplify and adapt” its rules that limit state funding to make it easier for public investments. For those looking to establish European battery production, the EU’s position on electric vehicles remains confusing.
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