Swiss engineering group ABB Ltd. (ABB) will partner in Northvolt's new battery factory in Sweden that seeks to take advantage of growing demand for electrified vehicles.
At a press conference in Stockholm on Tuesday, ABB said it will invest 10 million euros ($11.9 million) in the project to support the initial phase of development, around 10% of the expected EUR80 million-EUR100 million needed to fund development of a demonstration line.
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As part of the project, ABB will provide robotics, automation and electrification products in the factory.
"ABB and Northvolt have signed a Memorandum of Understanding for a wide-ranging supply and technology partnership, including products and services for Northvolt's state-of-the-art lithium-ion battery factory and close collaboration on development of battery solutions and R&D activities," ABB said in a statement.
The demonstration line at the factory will be ready by 2019, and the factory is expected to start production in 2020, it said.
Write to Dominic Chopping at firstname.lastname@example.org; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
September 26, 2017 05:38 ET (09:38 GMT)