Northvolt has kicked off production of its first energy storage systems in Poland.
The company has secured financing of more than $1 billion for the project located at its Northvolt Dwa factory in Poland.
According to the company, the “raising of $1.2 billion will finance plans for Northvolt’s further European and North American expansion and is an extension of the $1.1bn convertible note signed in July 2022.”
It has been reported that the company has attracted investment from funds labelled dark green in accordance with Article 9 of the EU's Sustainable Finance Disclosure Regulation (SFDR).
Meanwhile, Northvolt Dwa has also assembled its first energy storage system (ESS) products under commissioning process. Northvolt has already built a new plant that assembles cells into battery systems for energy storage and industrial markets.
Peter Carlsson, Co-Founder and CEO of Northvolt, was quoted in a statement, “The commitment to global decarbonization is strong, and this milestone reinforces our position to meet the massive demand for sustainable battery solutions both in Europe and North America.”
So far, Northvolt has now secured over $9 billion to deliver on over $55bn in orders from key customers. It has planned several projects in Sweden, Germany and Portugal.
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