Siemens is investing €10 million (£8.7m) to support a Swedish start-up company’s project to build Europe’s largest lithium-ion battery factory.
It has partnered with Northvolt, which will become the German engineering firm’s preferred supplier for the batteries once the facility is up and running.
Lithium-ion batteries are used in various applications, including cars and home appliances.
Peter Carlsson, Co-Founder and CEO of Northvolt said: “The European industry is moving rapidly towards electrification. With its world-class expertise within electrification, automation and digitalisation, Siemens will become an important technology partners, supplier and customer to Northvolt in this coming transition. Once we begin large-scale production, our aim is to supply the greenest lithium-ion batteries in the world.”
Earlier this year, the European Investment Bank approved a loan of up to €52.5 million (£46.7m) for the project.