Help Desk -
9958816305, 9810335381

Northvolt Raises Funds for Lithium Ion Battery Cells Factories

Auto News - Published on Thu, 30 Jul 2020

Image Source: Northvolt Lithium Ion Battery Cells
Northvolt announced the signing of a USD 1.6 billion debt raise provided by a consortium of commercial banks, pension funds and public financial institutions, increasing the total amount of capital raised to date for development of factories and R&D investments to over USD 3 billion. The debt financing package is provided by a group of commercial banks and pension funds: APG, BNP Paribas, Danske Bank, Danica Pension, IMI Intesa Sanpaolo, ING, KfW IPEX-Bank, PFA Pension, SEB, Siemens Bank, SMBC, Societe Generale, Swedbank and UniCredit, as well as the European Investment Bank, the Nordic Investment Bank and the Export-Import Bank of Korea. The loan is structured with certain guarantees from Euler Hermes, Nippon Export and Investment Insurance and BPI France.

Northvolt is developing two gigafactories for lithium ion battery cell production Northvolt Ett in Skellefteå Sweden, and Northvolt Zwei in Salzgitter Germany. The company is also making significant investments in battery cell technology, process development and recycling at the recently established industrialization factory, Northvolt Labs in Vasteras Sweden, which produced its first battery cells in late 2019.

Northvolt Ett, with a potential annual output of 40 GWh, is under construction and scheduled for start of production in 2021. In parallel, the permitting process is underway for Northvolt Zwei, which is being established as a joint venture together with the Volkswagen Group and scheduled to commence operations in 2024 with a potential output of more than 20 GWh. Northvolt also has an operational battery systems factory in Gdansk in Poland.

Northvolt targets a 25 percent market share in Europe by 2030, equaling approximately 150 GWh of commissioned annual production capacity. At this same time, Northvolt aims to secure 50 percent of its raw material requirements from recycled batteries. The recycling target will be achieved through establishing a full-scale recycling facility at Northvolt Ett.
BNP Paribas and Morgan Stanley & Co. International plc act as financial advisors to Northvolt.

Source :

Posted By : Yogender Pancholi on Thu, 30 Jul 2020
Related News from Auto segment