EIT InnoEnergy, a co-investor in Northvolt is pleased to announce that the company has secured a 350 million euro loan from the European Investment Bank (EIB). Northvolt, a Swedish innovation developing high-quality green batteries, has requested this loan to raise funds to build Europe’s biggest battery plant. The establishment of the plant is critical to help Europe compete with Asian rivals such as CATL, Samsung and LG Chem, which are leaders in the battery market. This was also the EIB’s largest ever direct financing of battery technology- a big achievement for Northvolt.

“The EIB’s approval is one really key piece of the puzzle in putting together that full funding,” co-founder Peter Carlsson, a former Tesla executive, adding that Northvolt expected to close the funding round before August.

Well done Northvolt! For more information, check out the Reuters press release.