Sweden Ballistics (SWEBAL) has raised €30m ($35m) in funding to finalise the construction of its trinitrotoluene (TNT) manufacturing facility in Nora, Sweden.
Investors in this round include several prominent individuals and Swedish family offices, among them Major General (ret) Karl Engelbrektson, former Chief of the Swedish Army, Pär Svärdson, founder of Apotea and Adlibris, and Thomas von Koch, founding member and ex-CEO of EQT.
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SWEBAL stated that the investment will support the completion of the plant and aims to address European manufacturers’ reliance on foreign imports for energetic materials.
The funding will also help expand European supply chains, with a focus on reducing risks associated with long-distance shipping and external dependencies.
SWEBAL co-founder and CEO Joakim Sjöblom said: “This investment comes at a historic moment for European defence. Across the continent, governments are rapidly expanding military production capacity in response to ongoing geopolitical tensions, record defence spending, and persistent ammunition shortages.”
The funding round comes after Sweden’s Land and Environmental Court granted approval to SWEBAL for the construction of the TNT facility in December last year.
This was followed by approval of the detailed development plan in January this year.
With the new TNT facility, SWEBAL joins efforts aimed at enhancing regional manufacturing capabilities in Europe’s defence sector.
Once the Nora plant becomes operational, it is planned to operate continuously, utilising European-sourced raw materials and components.
The company aims to reach full-scale production at the facility in 2028, with annual output anticipated to reach up to 4,500 tonnes (t) of TNT.
“Europe has faced a critical shortage of energetic materials since Russia’s invasion of Ukraine, constraining ammunition output. SWEBAL’s facility is set to produce over 4,000 tonnes of TNT annually, supplying the explosives European manufacturers need to sustain rapidly expanding artillery shell production, drone munitions, mines and other crucial armaments,” Sjöblom added.
