BRUSSELS, May 16 (Xinhua) — The European Investment Bank (EIB) gave its approval in principle on Thursday to help finance Europe's first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden.
The batteries from Northvolt Ett's batteries are used in automotive, grid storage, and industrial and portable applications. Ramping up to full capacity, Northvolt Ett will produce 32 GWh of battery capacity per year.
“The development of a competitive and green battery value chain within Europe can not only cut greenhouse gas emissions by decarbonising power generation and transport, but can also help protect millions of well paid jobs in European industries in the face of increasing global competition,” said EIB vice-president Andrew McDowell.
According to him, the 350-million-euro loan to Northvolt approved in-principle on Thursday “is the largest ever direct EIB financing approval for battery technology, and we look forward to working with Northvolt over the ..
Author: World_Newz Mon
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The agreements cover the global supply of battery modules for all models on the upcoming SPA2 and the existing CMA modular vehicle platforms and represent a major step toward realizing Volvo Cars' ambitious electrification strategy.
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