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to take ownership of joint venture with Northvolt ","volvo-to-take-ownership-of-joint-venture-with-northvolt","article/volvo-to-take-ownership-of-joint-venture-with-northvolt",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":695,"featured":51,"reporter":696,"_editable":700,"component":701,"seo_title":553,"categories":702,"visibility":709,"author_company":49,"featured_image":710,"seo_description":695,"author_full_name":49,"author_job_title":49,"formattedDate":715,"formattedArticleDate":716},"c760f409-ccec-46b2-80a2-880cf9299a3f","2024-10-31 00:00",[560,563,566,569],{"slug":561,"name":562},"europe","Europe",{"slug":564,"name":565},"northvolt","Northvolt",{"slug":567,"name":568},"sweden","Sweden",{"slug":570,"name":571},"volvo","Volvo",[573],{"slug":574,"name":575,"content":576},"didi-bostock","Didi Bostock",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Editor - Energy Transition & Economics",{"filename":579},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":583,"content":584},"doc",[585,592,597,612,617,624,629,642,647,658,663,668,673,678,690],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589],{"text":590,"type":591},"Chinese-owned Volvo Cars is taking over its joint venture with Northvolt as the battery manufacturer struggles with scaling production and challenging market conditions.","text",{"type":586,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":591},"The joint venture, NOVO Energy, was expected to begin production in 2026 from a facility in Gothenburg, Sweden.",{"type":586,"attrs":598,"content":599},{"textAlign":49},[600,602,610],{"text":601,"type":591},"The project has planned investments of $2.8 billion and a 2030 pipeline capacity of 32 gigawatt-hours (GWh), according to Benchmark’s ",{"text":603,"type":591,"marks":604},"Gigafactory Assessment",[605],{"type":606,"attrs":607},"link",{"href":608,"uuid":49,"anchor":49,"target":49,"linktype":609},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/gigafactory","url",{"text":611,"type":591},".",{"type":586,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":591},"“Whilst it is true that the removal of the Gothenburg cell plant from Northvolt’s ambitious project list allows them more scope to focus on ramping up production and construction at other facilities, it also represents the loss of another major customer which will not inspire confidence in its position,” said Evan Hartley, research manager at Benchmark.",{"type":618,"attrs":619,"content":621},"heading",{"level":620,"textAlign":49},4,[622],{"text":623,"type":591},"What will happen now?",{"type":618,"attrs":625,"content":626},{"level":620,"textAlign":49},[627],{"text":628,"type":591},"Why are companies struggling to scale battery production in Europe?",{"type":586,"attrs":630,"content":631},{"textAlign":49},[632,634,640],{"text":633,"type":591},"A slowdown in EV sales has caused several battery companies to ",{"text":635,"type":591,"marks":636},"cancel or delay investment in Europe this year",[637],{"type":606,"attrs":638},{"href":639,"uuid":49,"anchor":49,"target":49,"linktype":609},"https://www.benchmarkminerals.com/",{"text":641,"type":591},". However, other factors are also significant. ",{"type":586,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":591},"Many of the delays are the result of failures within the construction and permitting processes, investment requirements, and technical manufacturing factors.",{"type":586,"attrs":648,"content":649},{"textAlign":49},[650,652],{"text":651,"type":591},"Northvolt began cell production in 2021, but has struggled to ramp up production at its 16 GWh kellefteå gigafactory in northern Sweden – producing less than 1 GWh of cells in 2023, according to the ",{"text":653,"type":591,"marks":654},"Benchmark Lithium ion Battery Database.",[655],{"type":606,"attrs":656},{"href":657,"uuid":49,"anchor":49,"target":49,"linktype":609},"https://www.benchmarkminerals.com/lithium-ion-batteries/capacity-database/",{"type":586,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":591},"Capacity utilisation rates at Northvolt’s Skellefteå plant are due to be significantly improved in 2024, according to the Benchmark, but will remain at little over 30% of nameplate capacity. ",{"type":586,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":591},"“These are expected challenges when it comes to scaling up a new manufacturing industry at speed in a region that has significantly reduced experience in this sector relative to China and Asia,” said Hartley.",{"type":586,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":591},"This is especially relevant in the case of NOVO Energy as Geely, Volvo Cars’ major shareholder, has 62 GWh of capacity (including joint ventures). ",{"type":586,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":591},"The company may seem an obvious fit for the ‘third party’ Volvo said needed to be involved if battery production is to occur from the project. However, Geely has no experience with cell production outside of China, meaning the issues faced by NOVO Energy may persist.",{"type":586,"attrs":679,"content":680},{"textAlign":49},[681,683,688],{"text":682,"type":591},"There have been several delays and cancellations to European battery projects this year. ",{"text":684,"type":591,"marks":685},"Most recently SVOLT",[686],{"type":606,"attrs":687},{"href":639,"uuid":49,"anchor":49,"target":49,"linktype":609},{"text":689,"type":591},", a Chinese battery player with significant active production and 320 GWh 2030 pipeline capacity, cancelled plans for its Saarland, Germany gigafactory, having already cancelled its Lauchhammer gigafactory, also in Germany, earlier this year. ",{"type":586,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":591},"ACC, ProLogium, Volkswagen, and ABEE have all delayed, cancelled, or downsized planned European gigafactories this year.","Chinese-owned Volvo Cars is taking over its joint venture with Northvolt as the battery manufacturer struggles with scaling production and challenging market conditions. The joint venture, NOVO Energy, was expected to begin production in 2026 from a facility in Gothenburg, Sweden. The project has planned investments of $2.8 billion and a 2030 pipeline capacity of […]",[697],{"slug":574,"name":575,"content":698},{"job_title":577,"image":699,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c760f409-ccec-46b2-80a2-880cf9299a3f\", \"id\": \"\"}-->","article",[703,706],{"slug":704,"name":705},"batteries","Batteries",{"slug":707,"name":708},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":711,"name":711,"focus":711,"title":711,"source":711,"filename":712,"copyright":711,"fieldtype":713,"meta_data":714,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/796fd9668e/bm-volvo-nortvolt-featured-image.jpg","asset",{"alt":711,"title":711,"source":711,"copyright":711},"Oct 31, 2024","31st October 2024",[],[],1790082813113]