The European Investment Bank (EIB) has given its in-principle agreement to help finance Europe’s first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden.
Once the loan agreement is in place, the financing would be supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Juncker Plan. The batteries from Northvolt Ett are targeted for use in automotive, grid storage, and industrial and portable applications.
Maroš Šefčovič, Vice-President for the Energy Union, said:
“The EIB and the Commission are strategic partners under the EU Battery Alliance. I welcome the significant support proposed by the EIB to Northvolt gigafactory as a stepping-stone towards building a competitive, sustainable and innovative value chain, with battery cells manufactured at scale, here, in Europe. Our two institutions are working closely with the industry and key Member States to put the EU on a firm path towards global leadership in this rapidly expanding sector”.
A press release is available here. As of April 2019, the Juncker Plan has mobilised almost €393 billion of additional investment, including €10.7 billion in Sweden. The Plan is currently supporting 945,000 small and medium businesses across Europe.
