Who finances the battery factory in Sweden

Who finances the battery factory in Sweden

EIB (European Investment Bank) loan of 350 million euros to the Northvolt plant in Sweden for the production of lithium-ion batteries. Enrico Martial's article

European strategic autonomy in various production sectors, as a factor of regional deglobalization, marked a step forward, on July 30th, with the financing of the Bei (European Investment Bank) for 350 million euros at the Northvolt plant, in Sweden, for the production of lithium-ion batteries. The loan had already received a first positive evaluation on May 16, 2019, and follows a demonstration project of 2018, supported with a loan of 52 million euros.

The company has set itself the goal of making batteries for a total of 40gWh per year, with the first year being 2023, which should be around 16 GWh. For comparison, this is a total capacity of 17.3% of China's production capacity in 2019, which was 230GWh. The plant is under construction in an area of ​​mining tradition, near the town of Skellefteå, in the north of the country, and will have a green footprint.

The batteries are destined for the automotive market, with strong growth analysis in the coming years, for a demand for batteries that would go from the current 78GWh to 4 thousand GWh in 2040. Europe should catch up with its delay – currently it makes 3% of the global batteries against 85% of Asia – with the construction of at least twenty factories (gigafactory) for about 3-4 million jobs.

The strategy on "European" batteries – and on production autonomy especially with respect to China – took shape with the launch of the European Battery Alliance in 2017 (around 200 companies and individuals gathered on the initiative of the European Commission), passing through the Report of the April 9, 2019 on the strategic plan on batteries and with the horizon of the next regulation dedicated to batteries, which before the Covid crisis was expected for September 2020.

A few days ago, on July 17, BMW signed a contract with Northvolt for 2 billion euros, in view of a fleet of 25 electric models in 2023. Among other customers, ABB, Scania, Siemens, Vattenfall, Vestas and the Volkswagen group.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/la-gigafactory-per-le-batterie-in-svezia-finanziata-con-350-milioni-di-euro/ on Sat, 01 Aug 2020 05:34:09 +0000.