From the pv magazine global site
Nirvana’s Lithium would seem the obvious starting point for a battery playlist compiled to celebrate Spotify co-founder Daniel Ek’s contribution to a $600 million fundraising exercise by European battery manufacturer Northvolt.
Ek, who is also CEO of the music streaming service, was among the contributors in a private shares issuance by the company, the results of which were announced today.
The fundraising round was led by Glasgow-based investment manager Baillie Gifford, which comes on board as a new investor, alongside established backers Goldman Sachs, Volkswagen, the Scania Swedish truckmaker owned by the German auto giant and the IMAS Foundation – sister fund to the Stochting Ingka Foundation co-founded by Ikea founder Ingvar Kamprad.
Ek is a new face, along with Cristina Stenbeck and fellow new backers Baron Capital Group, based in New York; Jersey-based Bridford Investments Ltd; Swedish start-up funder Norrsken VC; and Swiss manufacturer PCS Holding, which produces everything from textile equipment to trolley buses.
Northvolt, which aims to have 150 GWh of annual battery manufacturing capacity operating by 2030, said it would use the cash to expand its production lines and its R&D center as well as helping to establish a battery raw material recycling fab which will help it achieve its ambition of sourcing half its battery materials from recycled devices in a decade’s time.
Northvolt’s Ett battery gigafactory, in Skellefteå, Sweden – which will have a “potential” capacity of 40 GWh – is due to start production next year. The company’s Northvolt Zwei facility, at Salzgitter, Germany, is set to open with a 16 GWh annual capacity in 2024.
The company is also planning a giga-scale recycling center next to Northvolt Ett which will open with a 4 GWh annual capacity and is intended to become “the largest in the world,” according to Northvolt.
Mind you, It’s A Long Way to the Top, as any self-respecting AC/DC fan would tell you…
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Its Nice for EK to part with some money but really he should put his own house in order first by paying his Spotify artists a better rate instead of less than peanuts. They are struggling during these days of CV 19 as no gigs = no money and they have to gig for an income as they can’t rely on less than peanuts pay from Spotify streaming uploads. I mean if you want to talk about a circular economy its right there. I am sure if EK was more generous to the artists and bands who put him where he is today he would be more respected. It seems he wants to chase the scent of the musky fox that is Elon jump on the battery bandwagon and compare man hood sizes. All very nice but think how many starving artists and musicians are around in the first instance. Oh and I like the musical puns in the article!!
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