Former Tesla executive to build €4bn battery factory to take on Elon Musk

NorthVolt, the Swedish company founded by a former Tesla executive, wants to cut the cost of storing power in half with a €4bn (£3.5bn) lithium-ion battery factory.

The Stockholm-based company wants to raise €1bn by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla’s former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month.

“Europe will be a very important market for energy storage,” Mr Carlsson said by phone. “There

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