29/07/2020 (Agence Europe) – After initial financing in 2018 of 52.5 million euros (see EUROPE 11960/10), the European Investment Bank (EIB) announced on 29 July that they had awarded new financing of 300 million euros to the Swedish company Northvolt Ett based in northern Sweden, for the first ‘giga-plant’ to manufacture lithium-ion batteries. The region’s clean energy base will enable Northvolt to use 100% renewable energy in its production processes. The funding is supported by the European Fund for Strategic Investments (EFSI). The plant, which is currently under construction in Skellefteå, will produce 16 GWh of battery capacity each year during its initial phase, rising to a potential output of 40 GWh. Northvolt batteries are designed for use in automotive, networked storage, industrial and portable applications. (SP)