International Business: Northvolt plots EV battery grab with $750 mln Swedish lab plan – Gulf Digital News

International Business: Northvolt plots EV battery grab with $750 mln Swedish lab plan – Gulf Digital News

STOCKHOLM: Northvolt plans to invest $750 million expanding its laboratory facility in Sweden, a top executive said, to meet soaring demand for lithium-ion batteries as carmakers go electric.

As it aims to take on major Asian players such as CATL and LG Chem, Northvolt said it would set up the "first R&D campus covering the entire battery ecosystem".

Northvolt, which plans to start production this year at its gigafactory in Sweden's Skelleftea, plans to build a new office in Vasteras, increase headcount there to at least 1,000 from 400, and create a centre for customers to experiment with battery technologies and electrification.