According to foreign media reports, the European Investment Bank and the Swedish battery manufacturer Northvolt signed a US$350 million loan agreement to provide support for the first lithium-ion battery super factory in Europe.

Image from Northvolt

On July 30, Beijing time, according to foreign media reports, the European Investment Bank and the Swedish battery manufacturer Northvolt signed a $350 million loan agreement to provide support for the first lithium-ion battery super factory in Europe.

The financing will be provided by the European Strategic Investment Fund, which is the main pillar of the European investment plan. In 2018, the European Investment Bank also supported the establishment of a demonstration production line Northvolt Labs, which was put into production at the end of 2019, and paved the way for the first local super factory in Europe.

Northvolt’s new gigabit plant is currently being built in Skellefteé in northern Sweden, an important gathering place for raw materials and mining, with a long history of craft manufacturing and recycling. In addition, the region also has a strong clean energy base. Building a plant in northern Sweden will help Northvolt use 100% renewable energy in its production process.

Andrew McDowell, vice president of the European Investment Bank, pointed out that since the establishment of the European Battery Union in 2018, the bank has increased its support for the battery value chain to promote the establishment of strategic autonomy in Europe.

Power battery technology is the key to maintaining European competitiveness and a low-carbon future. The European Investment Bank’s financing support for Northvolt is of great significance. This investment shows that the bank’s due diligence in the financial and technological fields can help private investors join promising projects.

Maroš Efiovich, the EU Vice President in charge of the European Battery Union, said: The European Investment Bank and the European Commission are strategic partners of the EU Battery Union. They work closely with the battery industry and member states to enable Europe to move in this strategic area. Gain global leadership.

Northvolt is one of the leading companies in Europe. The company plans to build Europe’s first local lithium-ion battery Gigafactory with minimal carbon emissions. By supporting this state-of-the-art project, the EU has also established its own goal to improve Europe’s resilience and strategic autonomy in key industries and technologies.

Northvolt Ett will serve as Northvolt’s main production base, responsible for the preparation of active materials, battery assembly, recycling and other auxiliary materials. After full-load operation, Northvolt Ett will initially produce 16 GWh of battery capacity per year, and will expand to a potential 40 GWh in the later stage. Northvolt’s batteries are designed for automotive, grid storage, industrial and portable applications.

Peter Karlsson, co-founder and CEO of Northvolt, said: “The European Investment Bank has played a key role in making this project possible from the very beginning. Northvolt is grateful for the support of the bank and the European Union. Europe needs to build its own With the large-scale battery manufacturing supply chain, the European Investment Bank has laid a firm foundation for this process.”