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Volkswagen connects Swedish battery manufacturer «DiePresse.com

The German car manufacturer Volkswagen joins the Swedish battery manufacturer Northvolt. VW invests approximately EUR 900 million in common battery operation with the company, says VW on Wednesday in Wolfsburg.

Volkswagen will initially take about 20 percent of the Swedes and wants to start a joint venture with Northvolt for Salzgitter's planned battery cell production. Part of the money went into the joint venture, another part directly to Northvolt, said it.

Volkswagen had already announced in April to invest together with Northvolt together around one billion euros in a common battery hatch facility in Salzgitter. The facility should be built in Lower Saxony early in 2020, provided the framework conditions are correct.

The production of batteries is energy intensive. Production in Lower Saxony is therefore, according to Prime Minister Stephans Weil (SPD), exempt from the additional levy for promoting renewable energy (EEG). At the turn of the year 2023/24, Volkswagen's cell production will begin.

Meanwhile, Northvolt announced that it had raised about $ 1

billion (EUR 883 million) in a capital increase including Volkswagen, the US Investment Bank Goldman Sachs and the German automaker BMW. A BMW spokesman would not provide the amount of financial participation on the part of Munich. Northvolt wants to use the money from the capital increase to finance its first lithium-ion batteries in Sweden.

(APA / dpa)

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