Northvolt on track to raise another SEK 10 billion

Skellefteå The battery manufacturer Northvolt will issue a bond loan of just over SEK 10 billion according to business magazine Dagens Industri.

According to the information, the company needs to strengthen its balance sheet ahead of major planned investments in battery factories in Germany and the US or Canada. The bond loan can then be converted into shares.

"Northvolt is in an ongoing financing process, but we have no other comments", says Northvolt's head of communications Anders Thor to Dagens Industri.

The largest owner of Northvolt is Volkswagen with a 22 percent stake, the second largest owner is the American investment bank Goldman with 20 percent. The largest Swedish owners are founders Harald Mix and Carl-Erik Lagercrantz through their company Vargas Holding, and CEO Peter Carlsson.

To date, Northvolt has raised over SEK 80 billion to finance its factory construction in Sweden, with the factory in Skellefteå being the most advanced, where production has been running for a year and will reach full production in early 2024.

Lennart Håkansson