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KPA Pension and Folksam invest more than EUR 20m in battery developer Northvolt

Europe's first large-scale factory to produce durable batteries for the automotive industry will be placed in Skellefteå almost 400 miles north of Stockholm. Swedish pension providers KPA Pension and Folksam are investing more than EUR 20m in the project led by battery developer Northvolt. Last week ATP and AMF also made an investment in the firm.

A computerized vision of Northvolt's future car battery factory in Skellefteå. | Photo: Northvolt

The Folksam Group -- with Swedish pension providers KPA Pension and Folksam -- invests just over EUR 20m in the construction of factory Northvolt Ett placed in Skellefteå almost 400 miles north of Stockholm. It will be Europe's first large-scale factory to produce durable batteries for the automotive industry. Full production is expected by 2021.

KPA Pensionsförsäkring AB, Folksam Life and Folksam Sak have invested equally in the project.

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