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Synopsis
Volkswagen and Northvolt, which manufactures electronic component, formed a 50/50 joint venture to build a factory for lithium-ion batteries. Financial terms were not disclosed. “Building a gigafactory in Germany together with Volkswagen allows Northvolt to further increase the production capacity of green battery cells with a minimal CO2 footprint. This will have a significant impact on electrification in Europe,” Fredrik Hedlund, Northvolt Chief Strategy Officer, and the new joint venture CEO.
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