...AND CHEAPER...:

Northvolt will partner with Stora Enso to develop batteries that incorporate components produced using wood sourced from forests in the Nordic region.

A joint development agreement between the firms will see them work together on the production of a battery containing an anode made from something called lignin-based hard carbon. An anode is a crucial part of a battery, alongside the cathode and electrolyte.

In a statement Friday, electric vehicle battery maker Northvolt and Stora Enso -- which specializes in packaging and paper products, among other things -- described lignin as a "plant-derived polymer found in the cell walls of dry-land plants." According to the companies, trees are made up of 20% to 30% lignin, which functions as a binder.

"The aim is to develop the world's first industrialized battery featuring [an] anode sourced entirely from European raw materials," the companies said.

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