Swedish Northvolt borrows $5 bln to expand lithium battery plant

Sweden’s lithium-ion battery producer Northvolt raised $5 billion in the largest green loans raised in Europe to expand its battery factory, Reuters reported on Tuesday.
Northvolt has so far secured more than $13 billion in equity in equity and debt to help the company expand its operations in Sweden, Germany, Poland, the US, and Canada.
The new debt includes refinancing of the $1.6 billion debt package raised in 2020.
It is provided by a group of 23 commercial banks, along with the European Investment Bank and the Nordic Investment Bank.
Northvolt has received orders worth over $55 billion from various carmakers, including BMW, Scania, Volvo Cars and Volkswagen Group.