What SWEBAL does

SWEBAL (legal name Sweden Ballistics AB) is a privately held Swedish defence-industrial startup founded in 2024 and headquartered in Nora, Sweden. The company is building Sweden's first new Trinitrotoluene (TNT, C7H5N3O6) production facility since Nobelkrut ceased operations in 1998 — and one of the first such facilities constructed in Europe since the Cold War. Its planned annual capacity is approximately 4,000 metric tonnes of flaked, military-grade TNT, with full-scale production targeted for 2028.

SWEBAL's core product is a single commodity — flaked TNT — produced via melt-casting using state-of-the-art manufacturing equipment and 100% European-sourced machinery and raw materials. The product is positioned as NATO-standard-compliant, low-sensitivity, long-shelf-life, and compatible with other energetic materials. Stated applications include missiles and rockets, artillery shells, mortars, grenades, drone propulsion systems, and civil mining. The technological differentiators emphasized are modern process design, environmental and explosion-risk controls, European supply chain redundancy, and Swedish precision-engineering quality.

Commercially, SWEBAL is pre-revenue and pre-production. Its go-to-market is direct enterprise sales to European defence manufacturers and government agencies, structured around multi-year off-take and long-term supply agreements that the company is actively soliciting ahead of first output. The firm has raised a combined €33 million (€3M seed in June 2025 and €30M Series A in May 2026), with the Series A reported to fully finance facility construction. The project has secured regulatory approvals, has been covered in Bloomberg, The Telegraph, Euronews, and Business Insider, and holds memberships in SOFF and KCEMSME-D. Customer logos are not yet public; the principal investor base includes a retired Swedish Major General, the former CEO of EQT, Swedish entrepreneur Pär Svärdson, and Swedish family offices.

Name

SWEBAL

Legal name

Sweden Ballistics AB

Website

https://swebal.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

SWEBAL (Sweden Ballistics AB) is a privately held Swedish defence manufacturer building Sweden's first new TNT production facility since 1998 in Nora, with planned ~4,000 tonnes annual capacity to supply European NATO member states' ammunition supply chain.

Ownership category

akta.pro rank

Product category

Military Explosives Manufacturing

NAICS

Ammunition (except Small Arms) Manufacturing (332993)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480)

akta.pro primary industry

Ammunition Manufacturing (Small-, Medium- & Large-Caliber) (IMABAHAG)

akta.pro secondary industries

Artillery, Mortar & Tank Munitions (IMABAHAH), Bombs, Depth Charges & Aerial Delivered Ordnance (IMABAHAI)

Keywords

• Military explosives production
• TNT manufacturing
• Defense energetics supply
• Munitions raw materials
• NATO-standard explosives

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Infrastructure, Supply Chain, Operations, Personnel

Revenue model

1. Long-term Supply Agreements for TNT: Pre-revenue / future revenue model. SWEBAL is currently accepting long-term supply agreements (off-take agreements) for TNT with European defence manufacturers and government agencies. Production targeted for 2028 (full-scale) with ~4,000 tonnes/year capacity. B2B industrial supply contracts.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

SWEBAL is building a greenfield Trinitrotoluene (TNT) production plant in Nora, Sweden, to manufacture flaked, military-grade 2,4,6-Trinitrotoluene (C₇H₅N₃O₆) meeting NATO specifications, with planned annual capacity of approximately 4,000 tonnes starting in 2028. The product is sold directly to European defence manufacturers and government agencies via long-term supply (off-take) agreements for use in missiles, rockets, artillery shells, mortars, grenades, drones, and civil mining.

Product overview

SWEBAL (Sweden Ballistics AB) offers a single core product — Flaked Trinitrotoluene (TNT) Military Grade — to be manufactured at its planned Nora, Sweden facility, rather than a multi-module software platform. The offering is a vertically integrated industrial product line: TNT is the single named product, while "applications" (missiles & rockets, artillery shells, mortars, grenades, drones, civil mining) and "key advantages" (NATO-standard compliance, low sensitivity, melt-casting compatibility, European supply chain) are marketed attributes of that one product. Long-term supply/off-take agreements and contact-based procurement are the commercial model, with no separate sub-brands, modules, or platform tiers described.

Differentiator

Problem solved

Functional benefit

Products and services

• Flaked Trinitrotoluene (TNT) — Military Grade Industrial-grade 2,4,6-Trinitrotoluene (C₇H₅N₃O₆) produced as flaked TNT meeting NATO specifications at the planned Nora, Sweden facility. Intended for use in missiles, rockets, artillery shells, mortars, grenades, drones, and civil mining applications. Positioned as a reliable, low-sensitivity, melt-castable explosive with long shelf-life, compatibility with other energetic materials, and 100% European-sourced raw materials for security of supply. Sold to European defence manufacturers and government agencies via long-term off-take agreements.

Quantifiable outcome

• ~4,000 metric tonnes annual TNT production capacity
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor.

• SOFF (Swedish Defence & Security Industry Association)minorOthersSWEBAL is a listed member of SOFF, the Swedish Defence and Security Industry Association, providing industry association membership and credibility within the Swedish defence ecosystem.
• KCEMSME-DminorOthersSWEBAL is a listed member of KCEMSME-D, providing industry association membership.
• Deliberate PRminorGTM or Marketing PartnerDeliberate PR is SWEBAL's external public relations agency, handling press inquiries (contact: [email protected], +44 7414 641840).

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Nitro-Chem: Poland's state-controlled TNT producer and the largest European TNT manufacturer at ~10,000 tonnes/year, already fully contracted. Most direct comparable for SWEBAL's target product and capacity class.
• Eurenco: French state-owned European leader in energetic materials (TNT, RDX, HMX, nitrocellulose) with plants in France, Sweden, and Belgium. Directly comparable as a European producer of military-grade TNT and related explosives serving NATO defence primes.
• Explosia: Czech manufacturer of industrial and military explosives including TNT and propellants. Comparable as a Central European energetic materials producer serving both defence and civil blasting markets.

Broad incumbents

• Nammo: Norwegian-Finnish defence conglomerate producing ammunition, rocket motors, and energetic materials for NATO customers. Comparable as a Nordic/Northern European ammunition supply-chain incumbent with energetic-materials capability.
• Chemring Group: UK-listed defence company specialising in energetic materials, countermeasures, and detection. Comparable as a Western European pure-play in military explosives and propellants serving NATO primes.
• MAXAM: Spanish global explosives manufacturer with a defence division producing energetic materials and ammunition components. Comparable as a European integrated explosives producer spanning civil mining and defence.
• Rheinmetall: German defence prime and major European ammunition manufacturer (artillery shells, tank ammunition) — a likely downstream customer for SWEBAL's TNT and a benchmark for European defence-industrial scaling.
• BAE Systems Bofors: Swedish arm of BAE Systems producing artillery ammunition, naval weapons, and combat vehicles in Karlskoga. Comparable as a domestic Swedish defence manufacturer and a logical long-term TNT customer.
• Dyno Nobel: Global civil explosives leader (owned by Incitec Pivot). Comparable as a large-scale industrial TNT/ANFO producer relevant to SWEBAL's civil-mining use case, though primarily non-European.
• Olin Corporation (Winchester): US-based ammunition and chlor-alkali producer whose Winchester division supplies small-arms and military ammunition. Comparable as a Western ammunition manufacturer with vertical integration into energetic materials.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SWEBAL