EIB commits in principle to invest €350M in Northvolt gigafactory

The European Investment Bank (EIB) has given its in-principle agreement to support the financing of Europe's first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden. 

Upon conclusion of a loan agreement, the €350 million financing would be supported by the European Fund for Strategic Investments:

The gigafactory will be established in Skellefteå in northern Sweden - a region home to a prominent raw material and mining cluster which has a long history of process manufacturing and recycling:

 The construction of the first quarter of the factory will be completed in 2020. Ramping up to full capacity, Northvolt Ett will produce 32GWh of battery capacity per year. 

The capital raise, in which this EIB loan would be included, will finance the establishment of the first 16GWh of battery capacity production. The batteries from Northvolt Ett are targeted for use in automotive, grid storage, and industrial and portable applications.<