Sweden Ballistics (SWEBAL), the Swedish defence manufacturing company driving domestic trinitrotoluene (TNT) production to strengthen NATO resilience, today announces a €30 million funding round to complete construction of its TNT manufacturing facility in Nora, Sweden.
SWEBAL is dedicated to strengthening NATO's resilience and enhancing European security through sustainable, large-scale ammunition production.
Founded in 2024, SWEBAL is committed to addressing supply chain challenges, including the limited production of critical materials like TNT.
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 proceeding as expected.
The funding will be used to complete the factory and unlock European supply chains at scale, at a time when foreign import dependencies and long-distance shipping pose a serious risk to the continent’s manufacturing.
The €30 million strategic investment is from 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 of 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.
According to Joakim Sjöblom, Co‑Founder and CEO of SWEBAL, the 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.”
Once operational, the facility will run 24/7 using European raw materials and machinery. Full-scale production is targeted for 2028 and is now fully financed.
Lead image: Joakim Sjöblom, Co‑Founder and CEO of SWEBAL.
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