Gigafactory startup Northvolt raises US$1.6 billion in debt financing, aiming for greenest batteries.

by Jul 29, 2020

Northvolt has raised US$1.6bn in debt financing to support its plans to become a major player in European battery manufacturing. An initial 60 GWh of annual output is planned across two lithium-ion battery cell factories in Sweden and Germany. The factories will be powered with renewable energy and half of the raw materials will be taken from recycled batteries. The majority of the output is destined for the automotive industry, although a proportion will be targeted at the stationary energy storage sector. The Swedish site, Northvolt Ett, is already under construction, with production expected to begin next year, while Northvolt Zwei, in Germany, will begin operations in 2024, built as a joint venture with automaker Volkswagen. Link to the news: