APG invests in Northvolt

By Global Infrastructure Sherpa · Jan 31, 2024

Investment Battery Storage announced Skellefteå, Sweden Jan 31, 2024

USD5000M

Deal Value

40 GW

Capacity

construction

Stage

Northvolt Ett

Project

Northvolt secures $5 billion to expand battery production in Europe, with APG as one of the investors.

Source Intelligence

KEY DETAILS

Northvolt Zwei in Germany is expected to supply 20 GWh a year and will start production in 2024. Quote: Northvolt Zwei in Germany will be built in collaboration with car manufacturer Volkswagen. This factory, which is expected to supply 20 GWh a year, will start production in 2024.

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Deal Size

Over € 2.5 billion – that is how much the Swedish company Northvolt has collected for research and development and the construction of two gigafactories for sustainable lithium-ion batteries for electric cars.

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Capacity

The factory will start production in 2021 and is expected to provide 40 gigawatt hours (GWh) of energy a year.

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Location

Northvolt Ett will be built in Skellefteå, in northern Sweden and will run completely on renewable energy.

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PPA Details

Northvolt already has a deal with BMW for the batteries that Northvolt Ett will produce.

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Financials

The European Investment Bank (EIB) has already provided a €350-million loan to Northvolt Ett for this purpose.

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Announcement

Published on: 3 September 2020

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COD

The factory will start production in 2021 and is expected to provide 40 gigawatt hours (GWh) of energy a year.

PARTIES MENTIONED IN SOURCE

Northvolt developer

"Over € 2.5 billion – that is how much the Swedish company Northvolt has collected for research and development and the construction of two gigafactories for sustainable lithium-ion batteries for electric cars."

APG investor

"APG also participated in that financing round – on behalf of their client ABP."

ABP client

"APG also participated in that financing round – on behalf of their client ABP."

BMW buyer

"Northvolt already has a deal with BMW for the batteries that Northvolt Ett will produce."

Volkswagen developer

"Northvolt Zwei in Germany will be built in collaboration with car manufacturer Volkswagen."

European Investment Bank (EIB) lender

"The European Investment Bank (EIB) has already provided a €350-million loan to Northvolt Ett for this purpose."

high quality Enriched Feb 19, 2026