Swedish startup raises €30 million for TNT production

• It's not too dissimilar to what we're now seeing in the U.S. and, perhaps soon, the GCC.

Zoom in: Sweden Ballistics, known as SWEBAL, has secured construction approvals for a facility that's slated to begin full-scale production in 2028.

• Investors in the round include Swedish family offices and individuals like Karl Engelbrektson (Sweden's former army chief) and Thomas von Koch (ex-CEO of EQT).

The bottom line: Energetics are a serious chokepoint, and one that does not get enough play in the press.