NOVO EV BATTERY PRODUCTION

Promoter – Financial Intermediary

NOVO ENERGY PRODUCTION AB

Location

• Sweden

Description

The project concerns the construction and operation of a production facility for advanced lithium-ion batteries for electric vehicles to be located in Gothenburg. The site will have a yearly production capacity of 35 million cells or up to 17.5 GWh of battery capacity being produced from one downstream block and associated facilities integrated into one building.

Objectives

The aim is to make a substantial contribution to the development of a competitive EU-based battery industry while enabling the development of the European electric vehicles (EV) industry. Additionally, the project will support the transition to e-mobility, by meeting the growing demand for EV batteries in Europe with cutting-edge battery cell.

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

USD 500 million (EUR 458 million)

Total cost (Approximate amount)

USD 2233 million (EUR 2047 million)

Environmental aspects

As an integrated industrial plant, the project falls under Annex II of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending Directive 2011/92/EU requiring a full EIA process. An EIA Report has been produced, presented for public consultation and the full environmental permit is expected to be issued by the Competent Authority in the Summer of 2023. During appraisal the EIB will review the EIA process and documents, as well as compliance with EU Directives for the protection of Habitats and Birds, respectively.

Procurement

The promoter is a private entity not operating in the utilities sector, thereby not obligated to follow public procurement procedures.

Status

Approved - 21/03/2024