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An ex-Tesla exec's USD 4.2 billion battery battle with Musk

A former Tesla executive is giving his former employer a run for its money with plans to launch a 4 billion euro lithium-ion battery factory via his Swedish company. 

Batteries for electric cars will be among the productions if the factory becomes reality

NorthVolt AB, the Swedish company founded by a former Tesla Inc. executive, wants to cut the cost of storing power in half with a 4 billion euro (USD 4.2 billion) lithium-ion battery factory.

The Stockholm-based company wants to raise 1 billion euros by 2018, when it plans to break ground on a factory during the second half of the year, according to founder Peter Carlsson, who was Tesla's former head of sourcing and supply chains. NorthVolt will announce a shortlist of possible Swedish manufacturing sites in about a month.

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