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Siemens backs Northvolt's $5 billion Swedish battery plant

Siemens backs Northvolt's $5 billion Swedish battery plant
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ZURICH (Reuters) – Siemens <SIEGn.DE> has become the latest company to contribute to the Northvolt project to build Europe’s largest lithium-ion factory in northern Sweden.

The German engineering company has offered its digital enterprise technology to help build the factory, which will become Siemens’ preferred supplier for lithium ion batteries when production starts in 2020.

Siemens said it will invest 10 million euros (8.7 million pounds) into the project which already received support from its Swiss rival ABB in September last year.

In January Volkswagen-owned <VOWG_p.DE> truckmaker Scania also agreed to invest 10 million euros in the 4 billion euro factory.

(Reporting by John Revill; editing by Brenna Hughes Neghaiwi)

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