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Andrew McDowell

Northvolt clinches gigafactory EU loan deal

Fri, 05/17/2019 - 10:45 -- John Shepherd
Northvolt clinches gigafactory EU loan deal

The European Investment Bank (EIB) has confirmed its approval in principle of a €350 million (US$391m) loan for Swedish battery maker Northvolt to build a 16GWh capacity lithium-ion battery cell plant— as revealed by BEST Battery Briefing last week.

EIB vice-president Andrew McDowell (pictured) said the loan is the largest ever direct financing approved by the bank for battery technology. The financing will be through the EIB-managed European Fund for Strategic Investments.

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