Sweden’s Northvolt, the lithium-ion battery maker is reviewing its plan to build a new plant in central Sweden, Reuters reports.

It comes after Swedish business daily newspaper Dagens Industri reported the firm was cancelling the project.

Northvolt said it has not ‘reached any decisions’ and it was conducting a strategic review of the site, in Borlange.

A spokesperson told Reuters that discussion is still ‘ongoing’: “We will return with further comments when a decision has been made.”

In 2022, the firm said it had agreed to buy an old paper mill in Borlange to turn into a new gigafactory.

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It cited a potential annual production capacity of over 100 gigawatt-hours (GWh) of cathode material.

It also said the plant would play a key role in fulfilling over $50 billion in orders from key customers and start the first part of its operations in late 2024.

Northvolt has one battery plant in operation in northern Sweden.

It also has a plant under construction in Germany, with an additional $5 billion plant being planned in Canada.