NorthVolt raises $1.6bn for European battery gigafactories

July 30, 2020 // By Nick Flaherty
NorthVolt has raised $1.6bn to build tow battery gigafactories in Europe, bringing the total investment to $3bn.
NorthVolt has raised $1.6bn to build tow battery gigafactories in Europe, bringing the total investment to $3bn.

Battery maker NorthVolt has raised $1.6bn for two gigafactories. The borrowing brings the total raised to over $3bn for the massive lithium ion battery cell plants in Skellefteå, Sweden, and Salzgitter, Germany.

The company is also making significant investments in battery cell technology, process development and recycling at the recently established industrialization factory, Northvolt Labs, in Västerås, Sweden, which produced its first battery cells in late 2019.

The European European Investment Bank (EIB) contributed a $350 million loan for the first plant, Northvolt Ett, under construction in Sweden (shown above).

“The EIB and the Commission are strategic partners under the EU Battery Alliance, working closely with the industry and Member States to put Europe on a firm path towards global leadership in this strategic sector,” said European Commission Vice-President in charge of the European Battery Alliance, Maroš Šefčovič. “Northvolt has been among our frontrunners, set to build Europe's first home-grown Gigafactory for lithium-ion battery cells, with a minimal carbon footprint. By supporting this state-of-the-art project, we also confirm our resolve to boost Europe's resilience and strategic autonomy in key industries and technologies.”

“Since the creation of the European Battery Alliance in 2018, the EIB has stepped up its support for the battery value chain in order to help build Europe's strategic autonomy in a technology that is key to its competitiveness and low carbon future. I believe that EIB financing support for Northvolt has been a textbook example of how our financial and technical due diligence can help crowd in private investors to visionary projects,” said Andrew McDowell, EIB Vice-President.

Peter Carlsson, Co-founder and CEO of Northvolt, said: “The EIB has played a key role in making this project possible from the very beginning. We are tremendously grateful for the support we have received from them and the European Union. Europe needs to build its own supply chain for large-scale battery manufacturing and the EIB is a

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