Canadian pension fund takes stake in Northvolt

Skellefteå The battery manufacturer Northvolt in Skellefteå takes in SEK 4.3 billion from the Canadian pension fund IMCO, writes Dagens Industri.

According to the newspaper, the financing is part of a larger convertible loan that Northvolt will complete.

IMCO manages assets of around SEK 600 billion for public sector employees in the province of Ontario. The investment in Northvolt is the fund's largest ever deal in Europe, according to Reuters news agency quoted by DI.

"This investment will fuel our expansion plans, allow us to expand our global footprint and drive sustainable development in our goal to deliver the world's greenest battery," Alexander Hartman, chief financial officer at Northvolt, said in a written statement.

Northvolt has so far raised more than SEK 80 billion from investors to finance factory construction in Sweden.

Lennart Håkansson

editor@northswedenbusiness.com