Northvolt's battery project locked in with EUR 52 million loan

The European Investment Bank has approved an application from Northvolt for a loan facility of up to EUR 52.5 million.

Photo: PR Northvolt

It recently emerged that financing was lacking for Northvolt's demonstration plant, but the European Investment Bank (EIB) has now come to the rescue. The Swedish battery firm has been granted approval to loan upwards of EUR 52.5 million for its factory in Västerås.

Last week, Swedish media Dagens Industri reported that Northvolt was far from having enough funds to construct the pilot plant in Västerås. The factory requires an investment of around SEK 1 billion (EUR 100 million) which the firm had expected to generate, but Northvolt had at that time only raised around SEK 300 million from partnership agreements with companies Vestas, ABB and Scania. The media reported that Northvolt would need to have raised around SEK 450 million.

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