WSJ News Exclusive | Global Battery Race Heats Up With Billions for Europe’s Northvolt

One of the world’s most beneficial battery startups is elevating $3.4 billion in debt from the European Union and a gaggle of banks together with JPMorgan Chase, accelerating a race to construct extra batteries exterior China and benefit from a tidal wave of clean-energy subsidies.

Europe’s Northvolt plans to make use of the funding to develop battery manufacturing at a manufacturing facility in northern Sweden for purchasers reminiscent of Volkswagen and BMW. It additionally plans to increase a recycling facility subsequent door that can convert scrap metallic and previous batteries into reusable battery supplies.