Northvolt's goal is to "make oil history" with batteries that have an 80% lower carbon footprint than those made with coal energy.
Northvolt's batteries are made from both ethically sourced raw materials and recycled Northvolt batteries. And Northvolt also provides modular components and battery systems that can support any battery-powered application including construction, e-mobility, and renewable energy power grids.
EIT InnoEnergy: a leading investor and shareholder in Northvolt
The Swedish start-up is part of EIT InnoEnergy's project to spur a European renewable battery industry that can both achieve EU Green New Deal objectives. EIT InnoEnergy's financial investment and network has helped Northvolt meet a growing demand across Europe for green energy.
Northvolt crossed the "unicorn" threshold of USD 2 billion in valuation through investments from car manufacturers like BMW or government investments from the German Federal Ministry and the European Investment Bank (EIB).
Our partnership with EIT InnoEnergy has been vital in getting us to where we are today; not only has it provided investments, it has opened doors for us across Europe.
Peter Carlsson, CEO Northvolt
One of Europe's most promising green battery manufacturers
Northvolt’s programme builds on two years of research where, in conjunction with researchers at Chalmers University, Sweden, it optimised the process design for hydrometallurgical treatment. The process allows for more efficient recovery of valuable metals like lithium, nickel, manganese, and cobalt.
Soon after its official launch in 2017, Northvolt attracted EUR 3.5 million in early investment from EIT InnoEnergy and another EUR 5.8 million for it's "Revolt" programme which established Northvolt's pilot recycling plant in Västerås, Sweden.
Northvolt is an active part of EIT InnoEnergy's network as a member of the European Battery Alliance (which includes over 800 partners across the European solar energy industry value chain) and a partner with EIT InnoEnergy Master School, allowing students to follow their industry placements at Northvolt.
Northvolt is a tremendously successful initiative. It represents a cornerstone in Europe’s ambition to create an annual EUR 250 billion battery value chain by 2025, as envisioned in 2017 when European Commission Vice President Šefčovič launched the European Battery Alliance and mandated EIT InnoEnergy to lead the industrial ecosystem. It is also a leading example of how Europe can create new industrial value chains, which are at the core of growth, job creation and competitiveness.
Diego Pavia, CEO of EIT InnoEnergy