As co-investor in Northvolt, EIT InnoEnergy welcomes the news that Swedish battery manufacturer Northvolt, has raised 1 billion US dollars from parties including Volkswagen, BMW, the merchant banking division of Goldman Sachs, and 350 million euros from the European Investment Bank.

Northvolt, a Swedish innovation developing high-quality green batteries, has requested this loan to raise funds to build Europe’s biggest battery plant. The establishment of the plant is critical to help Europe compete with Asian rivals such as CATL, Samsung and LG Chem, which are leaders in the battery market.

Since 2017, InnoEnergy with the support of the EIT and the European Union invested a total of €10.7 million in two tranches in Northvolt to support its development of a gigafactory. Initially, Northvolt will produce 16 GWh from its plant annually, and 32 GWh when fully operational.

– With these world-class financial and industrial partners coming together and getting behind our mission, we see a tremendous opportunity and momentum for further capacity expansion and product innovation over the coming years. This is only the beginning – said Peter Carlsson co-founder and CEO, as well as former Tesla executive.