EnergyWatch

Northvolt gets German loan guarantee to build battery cell plant

The Swedish battery manufacturer has now received a credit guarantee from the German state in support of a pilot plant in the country and leading to big plans along with Volkswagen.

Photo: Northvolt/Reuters/Ritzau Scanpix

Northvolt AB, the Swedish battery cell maker, got a USD 525 million loan guarantee from Germany for a pilot plant, marking its support for the technology across Europe.

Northvolt, set up by two former Tesla Inc. executives, has assembled more than USD 3 billion in debt and equity to finance production in its native Sweden, targeting battery-cell output equal to about 40 gigawatt-hours of capacity.

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