Tesla's rival battery developer, Northvolt, was able to raise a $2.75 million budget for its global expansion. Aside from this, the battery maker also confirmed that it will use this financial support to increase its production numbers. 

VW, Goldman, and Other Automakers Help Tesla's Rival Battery Maker To Raise $2.74 Billion Budget
(Photo : Photo by Alex Wong/Getty Images)

Northvolt, the Stockholm-based company that makes the lithium-ion batteries used to power electric cars, says it has signed deals worth $27 billion. 

The giant EV battery maker confirmed that it will use the new budget to make the cleanest batteries. Since battery developer is still working on its advancements, it is still hard to conclude that its new batteries will be better than those produced by Elon Musk's electric car maker. 

To give you more idea, here are other details of the latest billion-dollar budget of Northvolt. 

Tesla's Rival Receives Help From Giant Automakers

According to CNBC's latest report, Northvolt was able to raise billions of dollars because some giant car makers helped it to achieve this. These include Volkswagen, BMW, and more. 

VW, Goldman, and Other Automakers Help Tesla's Rival Battery Maker To Raise $2.74 Billion Budget
(Photo : Photo by Justin Sullivan/Getty Images)
A power cable is seen plugged into a Tesla Roadster after a news conference with California governor Arnold Schwarzenegger June 30, 2008 at Tesla Motors in San Carlos, California. Governor Schwarzenegger announced that electric car company Tesla Motors will build a new manufacturing facility in California to manufacture its all-electric Tesla Roadster.

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Specifically, Northvolt's latest funding round was co-led by Volkswagen and Goldman Sachs Incorporated. Aside from them, new investors such as Swedish pensions funds AP1, AP2, AP3, AP3, as well as OMERS, a Canadian pension provider, also joined the battery innovation. 

"With this investment, we are strengthening our strategic partnership with Northvolt as a supplier of sustainable battery cells which are produced using renewable energy and are comprehensively recyclable," said one of Volkswagen's board members for finance and IT Arno Antlitz.  

Northvolt Plans To Increase 150GWh Battery Capacity 

On the other hand, Recharge News reported that Tesla's rival company now aims to exceed its current 150GWh annual battery capacity in Europe this coming 2030. 

"We have a solid base of world-class investors and customers on-board who share Northvolt's mission of building the world's greenest battery to enable the European transition to renewable energy," said Northvolt. 

The giant battery maker added that it plans to build two additional Giga factories in Europe over the coming decade. 

For more news updates about Northvolt and other Tesla rivals, always keep your tabs open here at TechTimes.  

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Written by: Griffin Davis

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