TLDR: Swedish battery startup Northvolt has secured a $5 billion debt deal, the largest green bond in Europe to date. The funding will support the expansion of a battery production facility in Skellefteå and includes the refinancing of a previous debt package. The debt was provided by the European Investment Bank, the Nordic Investment Bank, and 23 other commercial banks. The deal highlights the importance of Europe’s battery industry in competing with the US and China. Northvolt has now raised over $13 billion in equity and debt for its expansion plans in Europe and North America.
Swedish battery startup Northvolt has secured $5bn in debt to expand its gigafactory in Skellefteå, including the first integrated circular battery production facility outside Asia. The debt package was backed by the European Investment Bank, the Nordic Investment Bank and 23 commercial banks, including JP Morgan Chase, Citi and BNP Paribas. The deal raises the company’s total equity and debt financing to $13bn.