STOCKHOLM—Northvolt plans to invest $750 million expanding its laboratory facility in Sweden, a top executive said, to meet soaring demand for lithium-ion batteries as carmakers go electric. As it aims to take on major Asian players such as CATL and LG Chem, Northvolt said it would set up the “first R&D campus covering the entire battery ecosystem”. Northvolt, which plans to start production this year at its gigafactory in Sweden’s Skelleftea, plans to build a new office in Vasteras, increase headcount there to at least 1,000 from 400, and create a center for customers to experiment with battery technologies and electrification. China is currently home to some 80 percent of lithium-ion cell production, but with demand soaring, capacity in Europe is set to expand quickly and Northvolt is targeting a 25 percent market share in Europe by 2030. “The development in Vasteras is the funnel right now that will enable …
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