A Swedish start-up called Northvolt run by a former Tesla executive has unveiled ambitious plans to develop what it claims would be Europe’s largest battery factory, with compatriot utility Vattenfall among its early backers.

The lithium-ion battery plant is by 2024 expected to have an annual production capacity of 32GWh – similar to that of Tesla’s gigafactory in the US – to serve the fast-growing markets for energy storage and electric transport.