How much did Panasonic raise to make EV batteries?

To that end, the company in February 2023 raised a $300 million Series B to help get it to production. Panasonic said in July 2022 that it plans to build the world’s largest EV battery plant, a $4 billion factory in Kansas that will manufacture and supply lithium-ion batteries to EV makers.

How much money will automakers invest in battery manufacturing?

Automakers and battery manufacturers have collectively invested and promised to invest around $112 billion in building domestic cell and module manufacturing. Together, these companies promise to deliver an annual capacity of close to 1,200 gigawatt-hours before 2030, if each factory reaches maximum capacity.

Will Northvolt recycle half of the raw materials needed for cell production?

Northvolt told TechCrunch it hopes to recycle half of the raw materials needed for cell production by 2030. Battery startup Our Next Energy (ONE) announced plans in October 2022 to build a gigafactory in Michigan devoted to lithium-iron-phosphate cells, AKA LFP batteries.

Does GM have a battery plant?

The automaker in April 2023 announced a joint venture with Samsung SDI to build a new battery plant in the United States. Aside from volume production, GM has also partnered with startup SolidEnergy Systems in 2021 to build a prototyping facility in Woburn, Massachusetts.

How many battery plants does General Motors have?

General Motors aims to have three total battery plants in the U.S. through its joint venture with LG Energy Solutions, which was named Ultium Cells until October 2024. That joint venture secured in December 2022 a $2.5 billion loan from the government to help fund its battery factory projects.

Will Panasonic build a new battery factory in 2024?

However, in January 2024, Panasonic’s CEO Yuki Kusumi said the battery business will focus on boosting productivity over building another battery factory. South Korean battery manufacturer SK On has created joint ventures to develop batteries with Ford and Hyundai. The company’s U.S. subsidiary, SK Battery America, has its own plans.