13 Feb '18, 1pm

EIB approves EUR 52.5M loan for Sweden’s Northvolt battery plant https://t.co/iNKC5mFcBu

The Board of Directors of the European Investment Bank (EIB) has approved a loan request from Northvolt AB. The financing, a facility of up to EUR 52.5 million, is projected to be supported by InnovFin – EU Finance for Innovators’s Energy Demonstration Projects facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments. The parties will now finalise negotiations and, after signature, Northvolt is expected to begin construction of its demonstration line in the coming months. This facility will serve to show the commercial viability of the concept and to qualify and industrialize products together with Northvolt’s customers. The produced batteries are targeted for use in transport, stationary storage, and industrial and consumer applications. The demonstration site will also comprise a research facility and in total the Västerås opera...

Full article: https://electriccarsreport.com/2018/02/eib-approves-eur-5...

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