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.
Sweden's Northvolt aims to make the world's greenest batteries, supporting European electrification.
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!