Swedish battery maker Northvolt has secured the “largest green loan in Europe to date” to help facilitate the expansion of their Northvolt Ett gigafactory and implementation of their recycling plans.
The funding is part of Northvolt total funding of more than $13 billion in equity and debt to enable its expansion across Europe and North America.
The planned recycling site will reportedly recover battery-grade metals with a carbon footprint 70% lower than mined raw materials, thereby enabling a fully integrated, circular battery production setup.
Peter Carlsson, Co-Founder and CEO of Northvolt, said:
“This financing is a milestone for the European energy transition. It will enable us to realize the full potential of Northvolt Ett and demonstrates that circular, sustainable business practices are fundamental to success in today’s industry.”
The loan has been provided by 23 commercial banks as well as the European Investment Bank (EIB) and the Nordic Investment Bank (NIB).
Alexander Hartman, CFO of Northvolt, added:
“This has been an incredible team effort, involving long due diligence processes, new partnerships with strong institutions, and developing cutting edge financing structures focused on sustainability – all to close one of the largest green financing deals in history.”
Full details of the loan can be found here.
