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Northvolt just raised 350 million euros and there may be more cash to come

Artist's impression of what the factory could look like. Photo: Northvolt

Published: 16.May.2019 15:49 hrs

Northvolt, the startup building Europe's biggest factory for car batteries to rival Tesla, has raised 350 million euros from the European Investment Bank for its northern Swedish site.

Construction work on the large factory site in Skellefteå, a coastal town of some 72,000 residents in Sweden's industrial north-east, is already under way and is set to be stepped up further this summer.

The European Investment Bank (EIB) said on Thursday it had agreed in principle to help finance the work, which will be the first home-grown factory of its kind in Europe.

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