Battery giant with another $36 billion in financing!
Jan. 16 (Bloomberg) -- Swedish battery maker Northvolt announced Jan. 16 the signing of a $5 billion non-recourse project financing agreement to expand the Northvolt Ett super plant in northern Sweden. In addition to expanding Northvolt Ett's cathode production and battery manufacturing, the financing package will also enable the expansion of the adjacent Revolt Ett recycling plant.
The financing is said to be Europe's largest green loan to date. In addition, on January 8, Northvolt received a subsidy of up to €902 million ($7.066 billion) from the European Commission for a 60 GWh plant project in Germany, the first "matching aid" subsidy to be approved by the EU.
In September 2023, Northvolt announced that it would spend $5.2 billion (Rs. 37.412 billion) to build a super plant in Quebec, Canada. Of that, Northvolt will invest $3.2 billion (RMB 23.017 billion), with the Canadian federal and local governments each contributing $1 billion (RMB 7.194 billion). This new plant will be Northvolt's first large-scale factory outside of Europe.
Not only that, Northvolt has already received more than $55 billion (395.643 billion yuan) in orders from customers such as BMW, Renault Windrunner, Scania, Volvo Cars and Volkswagen.
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