Northvolt secures USD5bn green loan to expand battery production and recycling
By Bradley Osborne - 2nd February 2024
Inside Northvolt's battery recycling plant in Skellefteå, Sweden
Sweden – Northvolt AB of Stockholm, Sweden has announced it has signed a non-recourse project financing agreement worth USD5bn to expand its gigafactory in Skellefteå, which the company claims is the largest green loan raised in Europe to date.
The money will serve two purposes: it will expand the production of cathode materials and battery cells in the gigafactory, and it will expand the capabilities of the adjacent recycling plant. The recycling facility, dubbed ‘Revolt Ett’, is now processing its first materials and will be capable of recovering battery-grade metals with a carbon footprint 70% lower than metal extraction. According to Northvolt, the integrated, circular battery production between gigafactory and recycling plant will become the first of its kind outside of Asia.
