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#InvestmentPlan supports Europe's first home-grown battery gigafactory in #Sweden

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The European Investment Bank (EIB) is investing $350 million (around €300m) to support the financing of Europe's first home-grown gigafactory for lithium-ion battery cells, Northvolt Ett, in northern Sweden. The region's clean power base will enable Northvolt to utilise 100% renewable energy within its production processes. The financing is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

European Battery Alliance Vice President Maroš Šefčovič said: “The EIB and the Commission are strategic partners under the EU Battery Alliance, working closely with the industry and member states to put Europe on a firm path towards global leadership in this strategic sector. Northvolt has been among our frontrunners, set to build Europe's first home-grown Gigafactory for lithium-ion battery cells, with a minimal carbon footprint. By supporting this state-of-the-art project, we also confirm our resolve to boost Europe's resilience and strategic autonomy in key industries and technologies.”

The press release is available here. The projects and agreements approved for financing under the Investment Plan are expected to mobilize €514 billion in investments, of which €14.3bn will be in Sweden. 

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