EIB approves loan for Northvolt battery project in Sweden

The European Investment Bank (EIB) has approved a loan of up to €52.5 million to Northvolt, which is planning to build a 32GWh capacity battery storage R&D and production facility in Västerås, in the north of Sweden. The European Commission (EC) is involved in the financing of the project via InnovFin, which is part of the EC's Energy Demo Projects Facility.