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Northvolt goes from Europe battery promise to crisis

Livemint

Livemint · 8m ago

Northvolt goes from Europe battery promise to crisis

Swedish battery start-up, Northvolt, has announced that it is seeking Chapter 11 bankruptcy protection in the United States. The company, once seen as Europe's potential electric-vehicle battery champion, has faced financial difficulties due to production issues and a lack of funding. Despite receiving significant investment from companies like Volkswagen and Goldman Sachs, Northvolt has struggled to stay afloat. The company had plans for gigafactories in Sweden, Canada, and Germany, but these projects may now be delayed.

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Sweden's Northvolt raises $5 bln green loan to expand battery factories

Reuters · 1y ago

Sweden's Northvolt raises $5 bln green loan to expand battery factories

Swedish battery producer Northvolt has raised $5 billion in the form of the largest green loan in Europe. The funds will be used to expand its battery factories in northern Sweden. This brings the total equity and debt secured by the company to over $13 billion. The loan was provided by a group of 23 commercial banks, the European Investment Bank, and the Nordic Investment Bank. Northvolt has received orders worth over $55 billion from major carmakers such as BMW, Scania, Volvo Cars, and Volkswagen. The company is also reportedly considering an initial public offering.

Some decline in EV development but trend remains, Northvolt CEO says

Reuters · 1y ago

Some decline in EV development but trend remains, Northvolt CEO says

Swedish battery maker Northvolt has unveiled a new battery cell factory in Germany that is expected to produce battery cells for one million electric vehicles per year. Northvolt CEO Peter Carlsson acknowledged a slight decline in the electric vehicle trend but emphasised that the shift towards electrification remains strong. He stated that the transition from combustion engines to electric vehicles is inevitable. The company's new facility, Northvolt 3, is located in Heide, Germany, and aims to contribute to the ongoing transformation of the automotive industry.

Volvo Cars will not pay Northvolt for battery joint venture stake, it says

Livemint

Livemint · 5m ago

Volvo Cars will not pay Northvolt for battery joint venture stake, it says

Volvo Cars will not pay Northvolt for its 50% stake in their battery venture, Novo Energy, as part of a larger settlement. Despite the stake acquisition, the fate of the planned battery factory in Gothenburg, originally set for 2026 production, remains uncertain. Construction was nearly complete when Northvolt faced financial issues. Volvo is exploring other options for the building, considering future use or potential sale, while seeking a new investor.

Northvolt’s Collapse Countdown Started With BMW Pulling the Plug

Livemint

Livemint · 8m ago

Northvolt’s Collapse Countdown Started With BMW Pulling the Plug

Swedish startup Northvolt, once hailed as a leader in Europe's electric vehicle industry, has filed for bankruptcy protection in the US after losing significant orders, including a multi-billion deal with BMW. The company had struggled to secure financing and suffered from the ongoing crisis in Germany's car industry. Northvolt's collapse highlights the challenges faced by European industry in competing with cheaper and more agile Chinese and South Korean rivals. The company now requires up to $1.2 billion to finance its new business plan, and its future remains uncertain.

The one part of Apple Vision Pro that Apple doesn’t want you to see

Wired · 1y ago

The one part of Apple Vision Pro that Apple doesn’t want you to see

Apple's new Vision Pro mixed-reality headset has garnered attention as it goes on sale, with tech journalists and influencers sharing their experiences. The headset, similar to Meta's Quest, features pass-through video technology and 2D applications in a 3D environment. Notably, Apple has an external battery pack for the Vision Pro, which is tethered to the headset. Apple has downplayed the battery pack in promotional materials and prohibited journalists from capturing it in photos. Experts are divided on the impact of the external battery on usability, with some believing it won't be a hindrance for shorter VR experiences.

A solid electrolyte gives lithium-sulfur batteries ludicrous endurance

Arstechnica

Arstechnica · 6m ago

A solid electrolyte gives lithium-sulfur batteries ludicrous endurance

Researchers have developed a lithium-sulfur battery with significantly improved endurance, retaining over 80% capacity after 25,000 charge/discharge cycles. This innovation is achieved by using a solid electrolyte composed of boron, sulfur, lithium, phosphorus, and iodine. The solid-state electrolyte restricts problematic sulfur reactions and enables fast charging, making the battery more durable and efficient. While challenges remain in maximizing charge capacity per weight, this advancement holds promise for long-lasting applications, potentially revolutionizing battery technology.

Air freight to key destinations more than doubles in the last three months

Thehindubusinessline

Thehindubusinessline · 1y ago

Air freight to key destinations more than doubles in the last three months

Air freight rates from India to the US, Canada, and Europe have more than doubled in the past three months due to disruptions in global shipping caused by the Red Sea crisis. Sectors such as leather, textiles, pharmaceuticals, and food are particularly affected. Airlines are prioritizing destinations in the US, Canada, and Europe due to high freight rates. Additionally, transport capacity is constrained, and there is a demand-supply imbalance in carrying cargo, both in the belly of passenger planes and in freighters. This situation highlights the capacity challenges faced by Indian trade.

Expect some impact on costs due to Red Sea crisis: Maruti Suzuki

Thehindubusinessline

Thehindubusinessline · 1y ago

Expect some impact on costs due to Red Sea crisis: Maruti Suzuki

Maruti Suzuki, the Indian auto major, is likely to experience some increase in costs due to the ongoing Red Sea crisis. The company anticipates logistical challenges and possible vessel rerouting, which may result in higher expenses. However, they do not expect a significant impact on overseas shipments. The Red Sea crisis has disrupted shipping routes, leading to increased shipping costs and longer delivery times. Maruti Suzuki aims to export at least 7.5 lakh units by the end of the decade and also plans to commence production of battery electric vehicles this year.

Tesla continues to circle the drain

The Verge

The Verge · 2m ago

Tesla continues to circle the drain

Tesla is facing a brand crisis in Europe, with sales dropping nearly 50% year-over-year in April, despite a rise in overall electric vehicle sales. This decline coincides with recent political controversies involving Elon Musk, who has supported far-right politics in Germany and been involved with the Trump administration. Competition from domestic and Chinese manufacturers is also intensifying. Musk's focus on other ventures, like AI and robotics, exacerbates Tesla’s challenges, leading to a weakened brand image.

'SpyLoan' apps offer easy money but come with death threats

Gizmodo

Gizmodo · 1y ago

'SpyLoan' apps offer easy money but come with death threats

According to a report from ESET Research, malicious loan apps on the Google Play Store have been downloaded 12 million times by Android device owners since 2020. These fraudulent apps, known as "SpyLoan apps," promise quick loans but actually steal users' personal and financial information to blackmail them. The apps have grown by 90% in the first half of 2023, primarily targeting users outside of the U.S. and Europe. Google confirmed the report and stated that they take security claims seriously and take appropriate action against violating apps.

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