Northvolt to invest USD 200 million in battery plant

Swedish battery producer Northvolt, will open a plant in Gdansk, Mateusz Morawiecki, the prime minister, announced on Friday.

The company will put PLN 750 million (USD 200 million) into manufacturing lithium-ion batteries at the factory, with production due to start in 2022.

"The Northvolt investment in Gdansk will be an important project on the industrial map of Poland, " Morawiecki told a press conference.

"Such investments create the environment for industry 4.0," the prime minister said, adding that the production of batteries was also an element of "a green revolution."

The news of the investment was welcomed by the Polish Investment & Trade Agency (PAIH).

"The new investment will create as many as 500 new jobs,” it said in a statement. “The plant is part of a European project for a battery production chain in which cells produced in Sweden will be sent to Gdansk, where they will be assembled into complete energy storage systems and delivered to customers."