Northvolt will build Europe's largest lithium-ion battery plant, which is expected to produce 8 gigawatts of battery capacity a year.

Battery maker Northvolt has begun building Europe's largest lithium-ion battery plant in Sweden, and earlier this week it obtained environmental permits for the first phase of the project. The project is designed to help reduce Europe's future dependence on battery supplies from China and South Korea. Part of the first phase of the project is expected to be officially launched in late 2020, producing 8 gigawatts of battery capacity per year.

Northvolt co-founder, chief executive and former Tesla chief executive Peter Carlsson hopes the new plant will rival the size of Gigafactory, an American electric carmaker based in the Nevada desert, with the goal of producing 32 gigawatts of battery time per year by 2023.

"Northvolt has launched a financing plan to support the next phase of investment, construction, materials and equipment until the first phase of construction is completed," Carlsson said in a statement. The company also said the plant would produce the world's most environmentally friendly batteries, accelerating the shift to renewable energy in the European battery industry. "

Currently, companies such as Siemens have invested in the project and provided digital enterprise technology to help the company build factories.

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