Marubeni and Northvolt will work together to meet European Li-ion demand
Marubeni Corporation has signed an MoU with Northvolt AB for collaboration in the lithium-ion battery business.
The companies’ joint effort has been spurred by the growing demand for lithium-ion batteries (LiBs) in Europe.
The Swedish battery developer Northvolt plans to build a large-scale 32GWh LiB factory in Sweden while Marubeni will supply the new factory with LiB manufacturing equipment and raw materials. Northvolt announced the construction start of the first phase of its factory site in the end of April.
Northvolt’s marketing activities will be supported by Marubeni, both aiming to meet the increasing demand for storage batteries. Marubeni can also make further contributions owing to its knowledge in renewable energy. Marubeni works to expand its solar power generation and other social infrastructure businesses that will help accelerate the electrification of society.
In addition, the partners are looking at jointly developing an LiB recycling business which is also gaining ground due to quick growth in EVs and used Li-ion batteries.
Northvolt has already well-established relationships with other players in the power and automotive sectors – including Vattenfall, ABB, Vestas and Scania.