- Northvolt has secured a 350 million euro loan from the European Investment bank (EIB), the lender’s largest ever direct financing of battery technology, as the Swedish startup raises funds to build Europe’s biggest battery plant.
- The factory is critical to Europe’s effort to compete with Asian rivals such as CATL, Samsung and LG Chem.
- Northvolt estimates the European electric vehicle market will need 500-600 GWh of annual capacity by 2030, or at least 10 factories as large as Tesla’s U.S. Gigafactory.