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Northvolt $2 75 billion capital raise another milestone in industrial ramp up to achieve European Green Deal, says EIT InnoEnergy

Share this article Share this article EINDHOVEN, Netherlands, June 9, 2021 /PRNewswire/ The $2.75 billion raised in equity enables Northvolt s expansion plan leading up to and beyond 150 GWh of deployed annual production capacity in Europe by 2030, and is a key milestone in Europe s industrial ramp up to achieve the European Green Deal objectives, EIT InnoEnergy has said today.   Responding to the need to increase annual battery production to meet growing demand for electrification, new capital from existing shareholders including EIT InnoEnergy, and new shareholders Sweden s AP 1-4 pension funds and Canada s OMERS, brings the total financing, in both equity and debt, raised by Northvolt to $6.5 billion.

Up to €7 billion investment could be needed to reach 20GW of solar module manufacturing capacity in Europe

Up to €7 billion investment could be needed to reach 20GW of solar module manufacturing capacity in Europe Image: Meyer Burger Europe’s solar technology specialists may need up to €7 billion (US$8.51 billion) in capital investment in order to scale up domestic manufacturing to be globally competitive, but continued support will be vital to sustain the industry in the long-term. That’s according to a panel of industry leaders speaking as part of the virtual SolarPower Summit today (11 May), held by trade body SolarPower Europe. Christian Westermeier, vice president of marketing, sales and application engineering at polysilicon specialist Wacker, told panelists that there is a “unique opportunity” to build up a comprehensive manufacturing base that goes beyond solar cells and trackers, a large quantity of which are made in the EU.

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