Financing for the Gigafactory in Sweden that Northvolt plans may come from the European Investment Bank (EIB). The company seeks to raise 4bn euros to complete its battery production facility by 2023. New plans outline construction in three phases with the first stage costing about 1.5bn euros to go on-line around December 2020 and to produce 8 GWh of batteries annually. Northvolt also said it looked at 18 locations in Sweden and 2 in Finland and will require at least 500,000 square metres of land for the plant with access to significant power supplies and transport lines.
Mahle strengthens e-mobility: The supplier plans to take over Spanish Nagares, that makes electronics for the automotive industry, including power converters for electric vehicles. The purchase price will not be disclosed and the deal still awaits approval by the antitrust authorities.
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Electric Formula 3 racer: The Formulino E for racy juniors is a converted Formula 3 race car by Dallara, with Punch Powertrain signing responsible for the new electric drive. With its 600 kilo and 120 kW is reaches 100 kph in less than 4 seconds and got a top speed of 200 kph. 20 units of the little racers may form a feeder series for the Formula E or Electric GT from next year.
Better insurance with Autopilot: Startup insurance company Root wants to offer discounts to Tesla drivers using Autopilot. The insurer said it tracks its clients driving habits with a mobile app and set prices based on performance. In reality though, it is unclear, how they would measure Autosteer, instead “Autosteer eligible highway miles” are counted.