Northvolt raises another 13 billion

Skellefteå Northvolt raises SEK 13 billion ($1.2 billion) in new capital in the form of loans that can be converted into shares in the future.

This is the same structure as when the company raised SEK 11 billion ($1.1) last year.

The new capital injection will finance Northvolt's continued expansion in Europe and North America.

The largest investor in the new round is the Canadian pension fund IMCO. Other investors include fund giant Blackrock and Canadian institutions CPP and Omers.

“I’m proud to see our continued effort being recognized by investors, as we are receiving significant interest from capital markets to support our mission. The commitment to global decarbonization is strong, and these milestones reinforces our position to meet the massive demand for sustainable battery solutions both in Europe and North America”, says CEO Peter Carlsson in a press release.

Northvolt has now secured almost SEK 100 billion (over $9 billion) in capital and credit since its inception in 2015. This will finance ongoing and new factory construction, with the most progress made in Skellefteå in northern Sweden. Investments have also been initiated and planned in Germany, Poland and North America.

Northvolt has now secured contracts worth around SEK 600 billion ($55 billion), according to the company. Major customers include Scania, Volvo Cars and Volkswagen.

Lennart Håkansson

editor@northswedenbusiness.com