An Ex-Tesla Exec’s $4.2 Billion Battery Battle With Musk
- Former Tesla executive expects to announce site in March
- Battery demand seen rising sixfold through to 2024: BNEF
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NorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a 4 billion euro ($4.2 billion) lithium-ion battery factory.
The Stockholm-based company wants to raise 1 billion euros by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla’s former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month.