European companies want to speed up the construction of battery factories

European companies are trying to regain ground, the report said. The eu initiative includes companies across the lithium battery supply chain: basf and suwe, the Belgian chemicals group; Volkswagen, BMW, mercedes-benz and Renault, the European carmakers; and Siemens, the German conglomerate. In addition to Northvolt, TerraE, a German consortium, and saft, a French battery maker, are also planning battery plants in Europe.

, according to UK media plans to produce lithium ion battery of Swedish startup Northvolt4. 27, announced that it will in the Swedish city west rose $100 million euros to build a demonstration production line and research facilities. Company founder and chief executive Peter ˙ says carlson, the facility is "the first step in our long journey" : building a lithium ion battery capacity of 32000 megawatts (mw) at the time of the factory, and in the event of a battery dominate Asian giant.

Northvolt is one of 80 stakeholders in the European battery consortium. The alliance is a horse, vice President of the European commission for energy affairs rosh ˙ Xie Fuqiao initiative set up last year, to accelerate the eu battery production.

Officials see battery technology as a strategic need in Europe. Europe has yet to create a crop of digital technology giants as successfully as the us, and its early lead in solar panel production has been overtaken by Chinese companies.

The development of car battery technology is particularly important if one of Europe's most important industries is to move beyond the shadow of the Volkswagen dieselgate scandal and retain its central role in the region's industrial base, the report said.

"If the engine of an internal-combustion car is the most valuable part of the car, it will be the battery and the software," says Mr Shifjovich.

Electrification of transport is an important part of the European Union's implementation of the Paris climate agreement, and some European cities with poor air quality are considering banning conventional diesel vehicles.

Batteries also need to be used to store energy, because the power industry is rapidly moving away from fossil fuels and relying more on intermittent renewable energy.

Global demand for car batteries is expected to rise from less than $10 billion to $60 billion by the end of 2030, according to Goldman sachs. Benchmark mining intelligence is a research firm that monitors the market for lithium-ion batteries. The company director Simon ˙ moores, said Japan's matsushita electric industrial co., LTD. Is the world's largest battery manufacturers, and the new factory has built more than half of China. Goldman sachs expects Asian companies to continue to dominate the market.

European companies are trying to regain ground, the report said. The eu initiative includes companies across the supply chain: basf and suwe, the Belgian chemicals group; Volkswagen, BMW, mercedes-benz and Renault, the European carmakers; and Siemens, the German conglomerate. In addition to Northvolt, TerraE, a German consortium, and saft, a French battery maker, are also planning battery plants in Europe.

Northvolt is "just one of the many promising commercial projects that have come out of the European battery alliance," Mr. Shevtjovic said. "The market forecast for 2025 is becoming a reality and I think investors should know that the battery project in Europe is worth investing in," he said.

Asian competitors are also building factories in Europe, the report said. South Korea's LG chem is building a large lithium-ion battery plant in Poland. Samsung SDI and SK innovations are investing in Hungary.

Karlsson was a former executive at tesla motors. He said the eu initiative helped people understand that the continent needed "a battery ecosystem". He said the eib and the commission were "a key part of securing the first phase [financing] for us". Northvolt needs an additional 1.5 billion euros to begin construction on its planned plant elsewhere in Sweden.

On April 27, the company announced that it was partnering with nimasca lithium to secure battery-grade lithium hydroxide to its factories, the report said. Securing supplies of cobalt and lithium is an important focus for battery makers at the moment, but higher prices could prompt investment in new mines in the long term.

While welcoming the Northvolt plan, Mr Shifjevic acknowledged that much work remained to be done to achieve Europe's ambitious industrial and climate goals.

He said he hoped there would be good news in Europe every quarter or six months, because 10 to 20 "gigafactory" (tesla's planned 35 gigawatt hour battery plant) would be needed.

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