The investment company Vargas - with financier Harald Mix in the forefront - stepped in as major shareholder in North volt, the former Tesla top manager Peter Carlsson's new battery factory.
At a press conference on Tuesday morning Peter Carlsson revealed new details about the project, where SEK 120 million invested so far.
The money will, apart from Harald Mix, Stena, Waterfall, the EU, the Swedish Energy Agency and Vinnova.
The factory will begin construction in late 2018 and is scheduled to be completed in 2023. In the middle of 2017, will decide on where in Sweden the factory will be built.
When fully developed, it will be half a million square meters, give or take. There are fifty hectares - the old town of Stockholm is 34 hectares, "said Peter Carlsson.
North Volt claim that the factory will have up to 3,000 employees.
Since Peter Carlsson left Tesla in 2015, he is active in a number of companies. He sits in Fingerprint Cards Board and has invested in startups that Orbital Systems, Resq club and the Turnpike.
They have a goal to bring the cost of batteries below $100 per kWh. Tesla is now claiming 35% battery cost reduction at 'Gigafactory 1' – hinting at breakthrough cost below $125 per kWh. The average electric vehicle battery cost dropped 80% in 6 years down to ~$227 per kWh.
Elon Musks Gigafactory 1 will reduce the production cost for their electric vehicle battery and Powerwall and Powerpack packs by 30%. Its projected capacity for 2018 is 50 GWh/yr of battery packs and its final capacity upon completion of entire factory is 150 GWh/yr. This would enable Tesla to produce 1,500,000 cars per year. In November 2016, Elon Musk stated his intention that 'Gigafactory 3' would be located in Europe and manufacture both batteries and complete cars in a location to be chosen in 2017.
In Feb 2017, Telsa said they expect to finalize locations for Gigafactories 3, 4, and possibly 5 (Gigafactory 2 is the Tesla solar plant in New York).
Deutsche Bank had a Nov 2016 projection of the lithium ion battery market.