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    € 942,599,817.92
    Sweden : € 942,599,817.92
    Industry : € 942,599,817.92
    Signature date(s)
    21/12/2023 : € 36,419,921.7
    22/12/2023 : € 44,180,350.18
    21/12/2023 : € 45,524,902.12
    22/12/2023 : € 362,877,619.52
    22/12/2023 : € 453,597,024.4
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    Summary sheet

    Release date
    27 December 2023
    Signed | 21/12/2023
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    USD 1050 million (EUR 951 million)
    USD 8098 million (EUR 7333 million)

    Design, construction, commissioning, ramp-up and operation of an innovative large-scale vertically integrated lithium-ion battery cell manufacturing facility with a capacity of 42 GWh, together with an upstream cathode active materials plant and a battery cell recycling facility. The production is intended for the supply of European automotive manufacturers for premium electric vehicle models currently under development. The Project is located at the Northvolt Ett site in Skellefteå in northern Sweden.

    The objective of the Project is to make a substantial contribution to the development of a competitive EU-based battery industry. The Project can be considered a key enabler for the development of the European EV industry.

    Additionality and Impact

    The Project is eligible under the Bank's policy objective "Innovation, digital and human capital - IDHC" as it concerns the implementation in Europe of an innovative advanced manufacturing technology for the production of cutting-edge li-ion battery cells.

    The Project makes a substantial contribution to the development of the EU-based battery industry, for which it can be considered a key enabler. The project caters for the transition to e-mobility by supplying the growing demand in Europe for EV Batteries with cutting-edge battery cells, thereby supporting the competitiveness of the EU automotive industry.

    Due to its enabling character for the transition to e-mobility the Project fully contributes to Climate Action (mitigation) objective and a small part of the project to environmental sustainability - circular economy. It meets the objectives of the Green Deal Industrial Plan proposed by the European Commission.

    The operation qualifies for InvestEU eligibility under the following main policy priority areas:


    1.1.6 Modernisation and decarbonisation of industry

    (a)       decarbonisation investments in industries, in particular transport, aiming at significant reduction or avoidance of GHG emissions; and

    (c)       investments in assets enabling the flow of low-carbon energy.

    Europe must master the de-carbonisation of its transport sector. This passes through the transformation of its automotive industry from supplying vehicles running on carbon fuels to vehicles running on electricity. This, in turn, requires the build-up of a European battery industry. Europe lags in the industrialisation of battery technologies and the related know-how.

    The Project addresses these failures. In addition, the Project

    (a) has the nature of a public good for that the operator or company cannot capture sufficient financial benefits (knowledge dissemination through technology transfer and education and skills of the local labour, and a lasting specialised infrastructure being made available at no or negligible cost);

    (b) generates externalities which the operator or company cannot internalise, such as climate mitigation.

    The Project will generate economic benefits that are greater than those captured by the investor's financial returns. The Project's external benefits are potentially high as it contributes to the establishment of an industrial value chain in Europe of a competitive battery technology. The Project will lead to important knowledge transfer to Europe. It will deploy advanced manufacturing activities and related skilled jobs in Europe. The Project will furthermore help create the conditions for the deployment of e-mobility, and the development of a cleaner and more sustainable transport system in Europe and lead to lower emissions of pollutants (health benefits) and CO2 (climate benefits) on the roads.

    The proposed non-recourse structure is innovative for this type of Project, traditionally financed through corporate loans by commercial banks at sponsors' level. EIB's capability to appraise and structure the Project with unmatched terms and conditions on the commercial market would bring significant added value to the Promoter. EIB will not only close a large financing gap but also crowd-in other financiers. The increased risk profile of the loan beyond what the Bank traditionally regards as acceptable can be considered thanks to Invest EU protection.

    The operation would not be carried out to the same extent by the EIB without the InvestEU support.

    Environmental aspects

    The Project concerns capital investments for the production of active battery materials and battery cells for lithium-ion batteries as well as recycling battery materials. These fall under the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EU. All environmental, operation health and safety issues including environmental authorisations will be reviewed during the due diligence process.

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Under appraisal
    3 May 2023
    21 December 2023
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    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Publication Date
    31 Jan 2024
    Document language
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    Document Number
    Document Focus
    Environmental Information
    Project Number
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    General enquiries and comments

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    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
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