It won’t be an overstatement to say that the world now runs on batteries. Take a look around you and you will hardly see a place where you won’t find one. Northvolt is a Swedish Lithium-ion battery manufacturer that set out on a mission in 2016 to manufacture environment-friendly batteries to ensure a blue planet. As ambitious as it may seem, the company has made tangible progress in the past few years.
Current Situation Of Battery Life
With batteries literally fueling the drive for all sectors of life, their use is outrageous. But what happens to the batteries throughout their entire life cycle?
An ordinary battery has a finite number of charge and discharge cycles before it is rendered completely useless. Normally, this figure falls between 500 and 1,200. However, the average battery is rarely able to reach 1,000+ charge cycles.
When it comes to EVs, automakers such as Tesla claim that their batteries on the Model S have a life of 241,400 kilometers or 8 years before becoming defunct. Batteries of smaller vehicles like the Model 3 last less than 193,120 kilometers.
What Is The Dilemma Of Dead Batteries?
Batteries are taking over every aspect of life, and their use is rapidly increasing as the EV segment advances.
The main source of concern, however, is that the batteries in use today are not designed for recycling. This means that all of these batteries will end up piled up in heaps of trash with nowhere to go.
This will contribute to increased pollution, and because most batteries contain harmful chemicals, dumping them in this manner is also harmful to the environment.
Governments of major countries, including the European Union and China, are now taking a close look at this segment, recognizing the enormous threat it poses.
Will Companies As Northvolt Reduce The Worldwide Trash Of Batteries?
Northvolt batteries are designed with one thing in mind: empowering humanity while minimalizing environmental impact. So, how is Northvolt taking an active role in reducing global battery waste?
Here are some of the momentous ways in which the company is drastically altering the dynamics of how this industry operates, all for the better:
– Northvolt batteries have up to 80% lower carbon footprint;
– Its batteries are 97% recyclable, which means that a large portion of the battery’s constituents can be reused.
– Northvolt batteries are class leaders in terms of battery life as they have more than 1,000 charging cycles;
– The company aims at building a Giga recycling facility with a capacity of 125,000 tons per year.
Potential Of Northvolt
So, is Northvolt just another company that shows a promising future and then disappoints with abysmal performance before succumbing to the titans’ fierce competition?
Here are some facts that prove that Northvolt is here to stay:
The Race To $1Billion
The company first came to public attention in 2019 when it raised a massive $1 billion within three years of its launch. This humongous sum was raised by investors led primarily by Goldman Sachs and Volkswagen.
Scania, ABB, Siemens, and the BMW Group are among the company’s many satisfied customers. Northvolt has lofty goals and hopes to compete with leading battery manufacturers such as Samsung and LG.
Plans To Enter The Stock Market
According to reports, Northvolt intends to enter the stock market within the next two years, to increase the company’s value to between 20 and 30 billion euros.
The company is currently looking for an IPO to help fund its expensive battery manufacturing process.
Volkswagen Giving Northvolt A Significant Boost
It is worth noting that Volkswagen recently announced a supplementary 587 million euros investment in Northvolt, which not only enhanced the Swedish battery manufacturer’s financial position but also allowed it to join the ranks of the industry’s behemoths.
Thus, Northvolt is a great company with a promising future and huge investors. The company has embarked on its journey to change the way batteries are manufactured which will eventually lead to a greener planet.