STOCKHOLM : Swedish lithium-ion battery producer Northvolt said on Tuesday it has raised $5 billion in the form of the largest green loan raised in Europe as it seeks to expand its battery factory in northern Sweden.

The company has now secured more than $13 billion in equity and debt to expand its operations across Sweden, Poland, Germany, the United States and Canada.

The new debt, which includes refinancing of the $1.6 billion debt package raised in 2020, is provided by a group of 23 commercial banks, as well as the European Investment Bank and the Nordic Investment Bank.

It had earlier raised billions from investors such as BlackRock, Canadian pension plans, Goldman Sachs, Volkswagen, Baillie Gifford, Swedbank Robur (SWEDa.ST) and Singapore’s GIC.

The Swedish company has got orders of over $55 billion from a range of carmakers, including BMW, Scania, Volvo Cars and Volkswagen Group.

Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.