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STOCKHOLM (Reuters) – Volvo Automobiles and battery maker Northvolt will open a joint analysis and improvement centre in Sweden as a part of a 30 billion crown ($3.3 billion) funding, the carmaker mentioned on Friday.
In June, the Swedish firms introduced plans for a three way partnership to develop batteries for electrical vehicles, together with establishing a gigafactory for manufacturing and an R&D centre.
Volvo Automobiles mentioned the 2 had now signed a binding settlement for the enterprise. The R&D centre, positioned in Gothenburg, will begin operations subsequent yr.
“Our partnership with Northvolt secures the provision of high-quality, sustainably-produced batteries for the following technology of pure electrical Volvos,” Chief Govt Hakan Samuelsson mentioned in a press release.
Volvo Automobiles, majority owned by China’s Geely Holding, goals to promote 50% pure electrical vehicles …
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