European Investment Bank to support Northvolt's battery gigafactory in Sweden
Contributed by NAMPA / Xinhua.
BRUSSELS, May 16 (Xinhua) -- The European Investment Bank (EIB) gave its approval in principle on Thursday to help finance Europe's first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in Sweden.
The batteries from Northvolt Ett's batteries are used in automotive, grid storage, and industrial and portable applications. Ramping up to full capacity, Northvolt Ett will produce 32 GWh of battery capacity per year.
"The development of a competitive and green battery value chain ...