Mexican Media Brands
Northvolt Secures €350 Million Loan for EV Battery Plant
Stockholm-based startup Northvolt AB has arranged a €350 million ($392 million) loan from the European Investment Bank to help build a huge plant to make batteries for electric cars.
#hybrid
Share
Stockholm-based startup Northvolt AB has arranged a €350 million ($392 million) loan from the European Investment Bank to help build a huge plant to make batteries for electric cars.
Northvolt hopes to open the factory in Skellefte, Sweden, in 2023 with annual capacity to make cells representing 16 gigawatt-hours of energy. The company intends to eventually double that volume.
Northvolt originally estimated the project would cost €4 billion ($4.5 billion). But last June the company declared it had “significantly” reduced costs to an undisclosed figure.
RELATED CONTENT
-
Cobots: 14 Things You Need to Know
What jobs do cobots do well? How is a cobot programmed? What’s the ROI? We asked these questions and more to four of the leading suppliers of cobots.
-
Increasing Use of Structural Adhesives in Automotive
Can you glue a car together? Frank Billotto of DuPont Transportation & Industrial discusses the major role structural adhesives can play in vehicle assembly.
-
Choosing the Right Fasteners for Automotive
PennEngineering makes hundreds of different fasteners for the automotive industry with standard and custom products as well as automated assembly solutions. Discover how they’re used and how to select the right one. (Sponsored Content)
