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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ABB Ltd | NYSE:ABB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 37.13 | 0 | 01:00:00 |
From May 2019 to May 2024
By Dominic Chopping
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.
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 dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
September 26, 2017 05:38 ET (09:38 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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