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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Trial banner

Latest News

See all jobs