The Swedish battery cell manufacturer Northvolt takes over the US start-up Cuberg. Northvolt wanted to gain access to technologies that enable more powerful batteries at lower costs, the company announced on Wednesday. “This is crucial in order to accelerate the transition to all-electric cars and to respond to the demands of the automotive industry,” said Northvolt boss Peter Carlsson.
Cuberg is a spin-off from Stanford University from 2015. Its battery cells enable a range that is 60 percent higher than that of conventional lithium-ion batteries. The company’s customers include Boeing.
With the takeover, Northvolt, which is building its first factory in no man’s land in northern Sweden, is aiming for Silicon Valley. Right in the home of Cuberg. Northvolt will build an advanced technology center in Silicon Valley and “is actively recruiting top talent in the battery industry,” the company announced in a press release. In Silicon Valley, Northvolt wants to promote materials research, among other things. And work with companies and universities in Silicon Valley.
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Battery manufacturers are currently significantly expanding their production worldwide in order to meet the increasing demand for electric cars. Northvolt is aiming for a market share in Europe of 25 percent by 2030. The rivals include the large Asian cell producers such as CATL or LG Chem.
The company has raised more than $ 3.6 billion in loans and capital since it was founded in 2016, most recently with $ 600 million from Volkswagen among others. In addition to a plant in, a factory in Salzgitter is to be built together with.