Swedish firm Northvolt acquired U.S. startup Cuberg to access technology that would improve battery products, according to a report.
- Northvolt will benefit from access to Cuberg technology that will improve performance and safety, and reduce cost for next-generation battery cells.
- Cuberg has developed battery cells that deliver increased range and capacity by 60% versus lithium-ion cells. It counts aircraft maker Boeing as a customer.
- Northvolt CEO Peter Carlsson said the acquisition is critical in accelerating the shift to fully electric vehicles. Battery manufacturers are scrambling to keep up with demand with the transition.
- Northvolt aims to capture 25% of the European market by 2030. It will establish a Silicon Valley campus, with top battery industry talent.
- Founded in 2016 by former Tesla executive Carlsson, Northvolt raised over $3.6 billion in debt and equity. It raised $600 million from Volkswagen, Baillie Gifford, and Goldman Sachs.