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Northvolt Signs Record $5 Billion Green Loan to Scale Circular Gigafactory – ESG Today

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Energy Transition/ Sustainable Finance

Northvolt Signs Record $5 Billion Green Loan to Scale Circular Gigafactory

Mark Segal

January 16, 2024

Battery manufacturer Northvolt announced today that it has raised $5 billion through the largest-ever green loan in Europe, with proceeds from the financing aimed at expanding its Northern Sweden-based lithium-ion battery gigafactory and battery recycling facility.

The green loan was provided by a consortium including 23 commercial banks, in addition to the European Investment Bank (EIB) and the Nordic Investment Bank (NIB), who are both supported by the European Commission’s InvestEU programme, which mobilizes investment towards sustainable investment, innovation and job creation in Europe.

Alexander Hartman, CFO of Northvolt, said:

“This has been an incredible team effort, involving long due diligence processes, new partnerships with strong institutions, and developing cutting edge financing structures focused on sustainability – all to close one of the largest green financing deals in history.”

Founded in 2016, Stockholm, Sweden-based Northvolt was established with a goal to develop the “world’s greenest battery,” targeting a minimal carbon footprint, sustainable sourcing of raw materials and recycling. To date, the company has received $55 billion in orders from customers including BMW, Fluence, Scania, Volvo Cars and Volkswagen Group.

Northvolt is currently delivering batteries from its first gigafactory Northvolt Ett, in Skellefteå, Sweden, and the adjacent recycling plant Revolt Ett is approaching the conclusion of its commissioning and is already processing its first materials. According to the company, Revolt Ett recovers battery-grade metals with a carbon footprint 70% lower than mined raw materials.

The financing will be used to expand Northvolt Ett’s cathode production and cell manufacturing as well as the Revolt Ett plant.

Peter Carlsson, Co-Founder and CEO of Northvolt, said:

“This financing is a milestone for the European energy transition. It will enable us to realize the full potential of Northvolt Ett and demonstrates that circular, sustainable business practices are fundamental to success in today’s industry.”

Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.

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