Swedish battery maker Northvolt has raised €4.6bn to boost the expansion of Europe’s first homegrown gigafactory and support the company’s battery recycling plans.
Specifically, the capital will help expand cathode production and cell manufacturing at the Northvolt Ett factory in northern Sweden. It will also enable the development of Revolt Ett, the adjacent recycling plant in the final stages of its commissioning and is currently processing its first materials.
The plant recovers battery-grade metals with a 70% lower carbon footprint than mined raw materials, which the startup says marks the first fully integrated, circular battery production setup outside of Asia.
The €4.6bn fundraising represents Europe’s largest green loan to date. This is a type of funding that can only be used for environmental and sustainable projects.
The
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