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European Investment Bank commits in principle to invest €350M in Northvolt gigafactory

The European Investment Bank (EIB) has given its in-principle agreement to support the financing of Europe’s first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden. Upon conclusion of a loan agreement, the €350-million financing would be supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

The gigafactory will be established in Skellefteå in northern Sweden—a region home to a prominent raw material and mining cluster which has a long history of process manufacturing and recycling. Noting the region’s clean power base, building the factory in northern Sweden will enable Northvolt to utilise 100% renewable energy within its production processes.

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.

This EIB in principle approval is a key moment in the process of finalizing our capital raise to support the establishment of Northvolt Ett. Today, we are one step closer to our goal of building the greenest batteries in the world and enabling the European transition to a decarbonized future.

—Peter Carlsson, Co-founder and CEO of Northvolt

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.

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