Northvolt, a Sweden-based manufacturer of lithium-ion batteries, announced the signing of a $5 billion non-recourse project financing to expand its battery gigafactory, Northvolt Ett, in northern Sweden. The new debt financing package, which is said to be the largest green loan raised in Europe to date, includes refinancing of the $1.6 billion debt package that Northvolt raised in July 2020 and is backed by long-term offtake contracts with partners, such as BMW, Scania, Volvo Cars and Volkswagen Group, amounting to over $55 billion.