The European Investment Bank has given its agreement in principle to support the financing of Europe’s first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden. The EIB’s financing commitment is foreseen to be €350 million.

The capital raise, in which this EIB loan would be included, will finance the establishment of the first 16 GWh of battery capacity production. The batteries from Northvolt Ett are targeted for use in automotive, grid storage, and industrial and portable applications.

Northvolt Ett will serve as Northvolt’s primary production site, hosting active material preparation, cell assembly, recycling and auxiliaries. The construction of the first quarter of the factory will be completed in 2020. Ramping up to full capacity, Northvolt Ett will produce 32 GWh of battery capacity per year.

 

https://www.neweurope.eu/article/sweden-northvolts-battery-gigafactory-to-be-supported-by-eib/

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