The battery gigafactory Northvolt Ett will soon not only be one of Europe’s largest battery factories but it will also produce the world’s greenest lithium batteries for cars, trucks and energy storage. A ground-breaking step toward a greener future.

Northvolt Ett is currently being constructed in Skellefteå. Manufacturing will use green electricity and a sustainable mineral value chain. Moreover, Revolt Ett also has operations in the area and is Europe’s only large-scale recycling plant and the key to creating the world’s greenest batteries. This is where spent batteries are recycled to create new batteries.

This expansion is made possible by a USD 5 billion financing package from SEK together with over 20 commercial banks and the EU Commission, which is participating through the European Investment Bank (EIB) and the Nordic Investment Bank (NIB). SEK is one of several senior mandated lead arrangers. This is the largest green loan package in Europe to date (December 2023).

“The financing is a milestone for the European energy transition. This will enable us to realize the entire potential of Northvolt Ett and demonstrate that circular, sustainable business principles are fundamental for the success of today’s industries”

Peter Carlsson, co-founder and CEO of Northvolt

Northvolt was founded in 2016 in Stockholm and has over 5,000 employees in Sweden, Germany, Norway, Poland, Portugal, the US and Canada.

“We are both impressed and grateful over the professional collaboration we have had with SEK throughout this process. SEK’s input has been decisive with a financing structure that will not only enable us to continue the construction of our circular gigafactory but also provide us with a model for other green projects including our own expansion in Europe and North America.”

Alexander Hartman, CFO of Northvolt

“Northvolt’s model, with the unique vertical integration of a large-scale battery manufacturing process that also includes recycling, is highly attractive. A new sustainable industry is now being scaled up in Sweden and the demand for batteries is expected to be extremely substantial moving forward. We now have a Swedish player taking the lead and we hope to be able to follow the company further afield with new investments”

Per Edlundh, Director of Export and Project Finance at SEK