New battery technology
is producing a step change in the transition towards green energy. And while
Asia currently dominates battery manufacturing, Europe has a new champion in
Northvolt.
The Swedish company is
building Europe’s first gigafactory, powered by renewable energy, with the aim
of producing the world’s greenest batteries.
BNP Paribas teams used
their comprehensive experience in structured debt advisory to help Northvolt
raise over €1billion of financing. This first-ever limited recourse financing
in the industry was placed with policy-driven institutions, export credit
agencies and commercial banks.
The factory is
expected to go into full commercial operation by December 2022, accelerating
the electrification of Europe’s transport sector and propelling the continent
further along the path to a more sustainable future.
Northvolt was founded
in 2016. Its green batteries serve the
automotive sector as well as other industrial applications.
The company’s next
focus? Its recycling operations. Northvolt is targeting 50% recycled material
in new batteries by 2030. Watch this space!