The Swedish storage developer will receive the loan funds via the European Commission’s InnovFin fund, which is part of the Energy Demo Projects facility.
The Swedish Energy Agency has granted SEK 146 million to support Northvolt Labs’ large-scale battery manufacturing plant in Västerås, Sweden. Project already secured financial backing from ABB, Vestas and Scania.
The truck maker is to partner with Northvolt on developing and commercializing battery cells for use in heavy commercial vehicles.
A 250 kW PV system will provide around 4% of the bridge’s energy needs. The project may be expanded to 700 kW.
The new numbers reveal that the Swedish solar market grew by 63% last year compared to 2015, and that it surpassed 200 MW of cumulative installed power.
The Swiss power electronics specialist is to work alongside Northvolt on the development of battery solutions, R&D and factory automation at a new state-of-the-art lithium-ion battery factory in Sweden.
According to provisional figures, the amount of PV capacity operating in the Norwegian-Swedish electricity certificate market, mostly located in Sweden, has almost doubled in 2016.
A further 200 million SEK will be allocated for 2017, while another 525 million SEK will be provided in 2018. The funds will be used to support residential and commercial rooftop solar.
The study by the Swedish energy agency Energimyndigheten reveals that several companies in the Scandinavian country find PV a profitable solution, even without any sort of incentive.