Funding secured from its main shareholder group will help vertically-integrated energy storage company Leclanché push forward activities in its stationary storage business, CEO Anil Srivastava has said.
Nilar, a Sweden-headquartered producer of nickel metal hydride chemistry batteries aimed to compete with lithium-ion and lead acid, will receive €47 million (US$55.45 million) in funding from the European Investment Bank (EIB).
Northvolt, the consortium seeking to establish significant lithium-ion battery cell manufacturing facilities in Europe, has raised US$1 billion in equity capital from parties including Volkswagen and BMW and the merchant banking division of Goldman Sachs.
After approving investment for the acceleration of energy storage deployment in developing countries to the tune of US$1 billion a few months ago, the World Bank has now approved a US$300 million loan to do the same in China.
The European Investment Bank (EIB) has approved a loan request from Northvolt that will see the bank provide a financing facility of up to US$64.8 million to support Northvolt’s pilot demonstration facility.