Sweden’s Northvolt raises $ 1.6 billion in debt financing, Auto News, ET Auto

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Last year, automakers Volkswagen and BMW agreed to fund Northvolt’s plan to build Europe’s largest lithium-ion battery plant.

STOCKHOLM (Reuters) – Swedish lithium-ion battery maker Northvolt on Wednesday said it had secured $ 1.6 billion in debt financing, as part of its plan to take a 25% market share in European production of mobile batteries.

Last year, automakers Volkswagen and BMW agreed to fund Northvolt’s plan to build Europe’s largest lithium-ion battery plant.

Northvolt said the loan was funded by a group of banks, pension funds and other public institutions such as the Nordic Investment Bank, Northvolt said, adding that the capital would be spent to expand its factories and for the research and development.

“The momentum for electrification is stronger than ever. Our customers need large volumes of high quality batteries with a low carbon footprint, and Europe needs to build a fully regionalized value chain to support them, ”said Peter Carlsson, CEO of Northvolt and former CEO of Tesla. A declaration.

Lithium-ion batteries are essential for electric cars and smartphones and Northvolt aims to be the main European rival of Asian players CATL, Samsung and LG Chem, which are leaders in the battery market after concluding supply agreements with car manufacturers.

Read also: Electric vehicles, battery waste and the million dollar opportunity


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