Northvolt has secured USD5 billion in project financing stating it is the largest ever green loan raised in Europe to date. The capital will be used to expand its European and North American projects. The project financing includes the refinancing of a USD1.6 billion debt package signed in 2020, with the rest taken out against USD55billion of long-term purchase agreements.
The financing package allows Northvolt to expand facilities including its cathode and cell manufacturing plant, Northvolt Ett, in northern Sweden. In conjunction to this, it will also expand the adjacent recycling facility, Revolt Ett which will be commissioned early this year.
Northvolt CEO Peter Carlsson commented “This financing is a milestone for the European energy transition. It will enable us to realise the full potential of Northvolt Ett and demonstrates that circular, sustainable business practices are fundamental to success in today’s industry.”
The long-term supply contracts…
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