Sweden Ballistics (SWEBAL), the Swedish defence manufacturing company driving domestic TNT production to strengthen NATO resilience, has announced a €30 million funding round to complete construction of its TNT manufacturing facility in Nora, Sweden.
The €30m strategic investment is made up of several investors. Firstly, Sweden’s ex-Chief of Army, Major General (ret) Karl Engelbrektson. In 2023, Karl took on the position of Head of Advisory Board at Finserve Global Security Fund (GSF). Karl’s personal investment in SWEBAL is independent from the GSF fund. Pär Svärdson, founder of Apotea, Sweden’s largest online pharmacy, and Adlibris, Sweden’s largest online bookshop, is also an investor. Thomas von Koch, founding member and ex-CEO of private equity firm EQT. Alongside other prominent Swedish family offices.
Having secured environmental permits from Sweden’s Land and Environmental Court in December 2025 and approval of the detailed development plan in January 2026, SWEBAL is advancing construction plans for its new TNT facility, with the regulatory process continuing on its expected course.
The funding will be used to complete the factory and unlock European supply chains at scale, in a time where foreign import dependencies and long-distance shipping exposes a serious risk to the continent’s manufacturing.
“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. 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” said Joakim Sjöblom, Co‑Founder and CEO of SWEBAL.
The construction of SWEBAL’s plant represents one of the most significant upstream defence industrial investments in Europe in decades, supporting the resurgence of regional manufacturing as Europe works to strengthen collective security and strategic autonomy.
Once operational, the facility will run 24/7 using European raw materials and machinery, reducing long-distance dependencies and reinforcing supply chain resilience. Full-scale production is targeted for 2028 and is now fully financed.
