Sweden Ballistics Raises €30 Million to Strengthen Europe’s Ammunition Supply Chain with New Swedish TNT Factory

Sweden Ballistics, securing Europe's explosives supply, led by Joakim Sjöblom, Carl Duforce, Sebastian Reismer, and the team, has raised 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.

Following environmental permit approval in December 2025 and development plan approval in January 2026, SWEBAL is moving ahead with construction plans for its new TNT facility, with the regulatory process progressing as expected.

The funding will support factory completion and help strengthen Europe’s supply chains amid growing risks tied to foreign import dependence and long-distance shipping.

“This investment comes at a pivotal moment for European defence, as governments across the continent accelerate military production amid rising geopolitical tensions, record defence spending, and ongoing ammunition shortages. Since Russia’s invasion of Ukraine, Europe has faced a severe shortage of energetic materials, limiting ammunition output. SWEBAL’s facility is expected to produce more than 4,000 tonnes of TNT annually, supplying critical explosives for artillery shells, drone munitions, mines, and other defence systems,” said Joakim Sjöblom.

The construction of SWEBAL’s plant marks one of Europe’s most significant upstream defence industrial investments in decades, supporting the revival of regional manufacturing as the continent strengthens collective security and strategic autonomy.

Once operational, the facility will operate around the clock using European raw materials and machinery, reducing long-distance dependencies and strengthening supply chain resilience. Full-scale production is targeted for 2028, with financing now fully secured.