Northvolt, a Swedish lithium battery maker, announced on March 10th that it had acquired Cuberg, an American start-up, with the aim of acquiring technology that would improve its battery life.
Founded in 2015, Cuberg, which was born at Stanford University, has developed batteries with 60 per cent higher battery life and capacity than comparable lithium batteries, and aircraft maker Boeing is one of its customers.
Northvolt said in a statement that the acquisition could help the company improve battery performance and safety. "this deal is crucial to accelerate the global transformation of electric vehicles and meet the needs of automakers in a short period of time," said Peter Carlsson, chief executive of Northvolt.
As more and more automakers begin to embark on the road of electrification, battery manufacturers around the world are scrambling to meet the battery needs of car companies. Northvolt aims to challenge Asian battery makers such as Ningde Times and LG Chemical and gain a 25 per cent share of the European market by 2030. After acquiring Cuberg, Northvolt will also set up a technology center in Silicon Valley and recruit top talent in the battery industry.
Northvolt was founded in 2016 by Carlsson, a former Tesla executive. Since its inception, the company has raised more than $3.6 billion. Its last round of fundraising was $600m, with investors including Volkswagen, Baillie Gifford and Goldman Sachs.
