Hyperdrive

Northvolt Gets $5 Billion Green Loan for European EV Push

Export credit agencies in Europe and Asia support financing
CEO sees market for public listings as fairly closed currently

WATCH: Northvolt CEO Peter Carlsson said he’s seeing a bump in the EV market, but the trend is still positive.Source: Bloomberg

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By Rafaela Lindeberg and Jacqueline Poh

January 16, 2024 at 5:45 AM UTC

Updated on

January 16, 2024 at 7:40 AM UTC

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Northvolt AB, the Swedish battery maker that counts BMW, Volvo Car and Volkswagen among its clients, has secured a $5 billion green loan to bolster production and expand recycling efforts.

The package, among the largest green loans on record, comes as Europe’s only major homegrown battery maker has fallen behind production milestones. The company, which has said it eventually wants to go public, is working on projects including setting up new cell plants in Germany and Canada.