(MT Newswires) -- Peter Carlsson, CEO of Northvolt, has announced a $5 billion loan from 23 commercial banks and the European Investment Bank. This is one of the largest loans ever granted. With these funds, Northvolt is planning an IPO, which could take place in 2025, depending on market conditions. The funding will also be used to triple the production capacity of the current mega-plant in northern Sweden, from 16 to 45 gigawatt hours. In addition, Carlsson has reaffirmed its commitment to building a new plant in Germany, following approval from the European Commission, while specifying that additional financing will be required to complete this project.

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