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$350m loan for Europe’s first battery ‘gigafactory’

Loan will support factory in Skellefteå, Sweden

The European Investment Bank has signed a $350-million (€297m) loan to support the first Europe-based ‘gigafactory’ for producing lithium-ion battery cells, it announced on 29 July.

The loan will go to the Swedish company Northvolt, for a factory based in Skellefteå that will produce 16GWh of battery capacity per year initially, and up to 40GWh at a later date.

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