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Northvolt is one of the companies that has received support from the Swedish Energy Agency. When they started, few believed that it was possible to start large-scale battery production in Sweden, since Asia was so far ahead.
The support that Northvolt has received from the Swedish Energy Agency has come in various stages and had different purposes. With the first support stage, a feasibility study was conducted. The second stage was a loan and a business development grant. The third stage was to build a pilot plant in Västerås – Northvolt Labs.
Peter Carlsson, Northvolt’s chief executive and co-founder, told the Financial Times that the new technology could be worth tens of billions of dollars as it opens up regions such as the Middle East, Africa and India for battery-powered energy storage for the Swedish group.
The Swedish Energy Agency provides support to companies to contribute to the energy transition, and through electrification, move society away from fossil fuels. Northvolt is one of the companies that has received support from the Swedish Energy Agency.
He estimated that in 10 years’ time the order book for energy storage could be “as big or potentially bigger than the current portfolio” of batteries for electric vehicles, for which Northvolt has received orders of $US55 billion ($83.7 billion).
But as the battery industry develops and grows in many countries simultaneously, investors, materials, and expertise become scarce. If Sweden is to succeed in the battery field, competence will be required from both Sweden and the rest of the world.
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