Europe’s Northvolt, a battery startup raising $3.4B in debt from the European Union and a group of banks including JP Morgan Chase (JPM), plans to use the funding to grow battery production at its factory in northern Sweden for customers such as Volkswagen (VWAGY) and BMW (BMWYY), Amrith Ramkumar and William Boston of The Wall Street Journal report. The startup also plans to expand a recycling facility next door to convert scrap metal and old batteries into reusable battery material.
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