Palo Alto – March 12, 2021 – WCP is proud to announce that it acted as Exclusive Financial Advisor to Cuberg on its acquisition by Northvolt, a company positioning to be Europe’s largest supplier of batteries for Electric Vehicles.
Swedish Lithium-ion battery maker Northvolt acquires Silicon Valley-based Cuberg, a company spun out of Stanford University in 2015, that specializes in high-energy-density lithium-metal battery design and production.
Increased energy density has been a continuous goal for the battery storage industry. For EVs in particular, more energy-dense batteries means lower vehicle weight, while still keeping the same range (or conversely, the same weight for longer range), which equates to more efficient trips. It also means lower production costs. Cuberg’s cells already deliver more than 70% more range and capacity in unmanned electric aviation applications. Northvolt and Cuberg now have the ambition to mature and industrialize the technology for automotive application for launch in 2025.
This deal comes close behind the EU’s declaration to shoot for 30 million EVs by 2030, as Northvolt builds one battery factory in Sweden and one in Germany to scale up production and satisfy rising EV demand.
Founded in 2015 in California, Cuberg is commercializing a breakthrough battery technology for the electric mobility industry that delivers a generational improvement in performance while fully leveraging standard manufacturing processes.
Northvolt was founded in 2016 with the mission to build the world’s greenest battery, with a minimal carbon footprint and the highest ambitions for recycling, to enable the European transition to renewable energy. Northvolt’s team of experts are building two next generation battery factories focused on process innovation, scale and vertical integration. The larger and first facility in Sweden will commence large scale operations in 2021 and annual capacity will ramp up to at least 32 Gwh by 2024.
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