The Folksam Group invests 20 million euro in the establishment of Europe’s first homegrown giga factory for lithium-ion battery cells, Northvolt in Sweden

The Folksam Group invests 20 million euro in the establishment of Europe’s first homegrown giga factory for lithium-ion battery cells, Northvolt in Sweden. Building construction work will commence in August 2019 with large-scale production estimated to begin in 2021. 

The conversion of the car industry to electrified cars depends on a sustainable and cost-effective battery production. Northvolt has developed an industry-leading technology and processes that make the company a key player in the coming supply of electricity capacity to the automotive industry in Europe. The batteries to be manufactured at Northvolt’s plant in Skellefteå will be the ones with the lowest emissions of carbon dioxide.

– We are proud to be part of the ongoing transformation of the automotive industry.. This investment is natural to us considering that sustainability is at the core of our business and investment strategy. Our customers profit from the investment economically, environmentally, as well as in the local community, says Michael Kjeller, Folksam Group’s head of asset management and sustainability.

The investment is split by 1/3 each between Folksam Liv, Folksam Sak and KPA Pensionsförsäkring AB.

Lenner & Partners has been the Folksam Group’s advisor in the investment.