Swedish Northvolt planning to raise largest battery factory in Europe – Company gets loan of EUR 350 million

The Swedish IT company Northvolt has received a loan of EUR 350 million from the European Investment Bank (EIB) for the project of the construction of the biggest European battery factory.

The company requested a loan from the EIB in September 2018 as part of its plan to collect a total of EUR 1.5 billion of capital.

Half the money was to be borrowed, while another half was to be collected through the sale of ownership shares in order to finance a half of the planned 32 GWh a year of batteries by 2023.

– The EIB’s approval is one really key piece of the puzzle in putting together that full funding – co-founder Peter Carlsson, a former Tesla executive, told Reuters, as reported by Poslovni Dnevnik.

Northvolt expects the full amount to be collected by August. The company’s batteries are meant for the auto-industry, grid storage and industrial and portable apps.

Northvolt AB

EIB

Tesla Motors United States

Northvolt Sweden

European Investment Bank

EIB

Tesla Motors

construction of battery factory

batteries

battery factory

Peter Carlsson