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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.
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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.
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