The Swedish electric battery specialist Northvolt has just announced the raising of 1.1 billion euros to finance its expansion in Europe and North America.
As Northvolt assembles its first batteries at Northvolt Dwa in Poland, the Swedish company announced today that it has raised $1.2 billion (equivalent to approximately €1.1 billion) to fund its plans for further expansion in Europe and North America, where new giga-factories (or gigafactories) of battery production will soon be built.
“I am proud to see our continued efforts being recognized by investors as we receive significant interest from the capital markets to support our mission. Commitment to global decarbonization is strong, and these steps strengthen our position to meet the massive demand for sustainable battery solutions in Europe and North America.”declared on this occasion Peter Carlsson, co-founder and CEO of Northvolt.
This new fundraising follows that of July 2022, where no less than 1.1 billion dollars (i.e. the equivalent of approximately 1 billion euros) were provided by funds labeled “dark green”, the most virtuous socially responsible investment (SRI) funds.
Among the various investors in this new funding round, we find Goldman Sachs Asset Management, AP Funds 1-4 (via 4 to 1 Investments), Folksam Group, ATP, AMF, Ava Investors, IMAS Foundation, Baillie Gifford. , Swedbank Robur, PCS Holding, Olympia Group, TM Capital, Compagnia di San Paolo via Fondaco Growth, East Innovate, ADQ, GIC, Chow Tai Fook Enterprises (CTFE), J. Safra Sarasin… But also the German manufacturer Volkswagen Group.
At the same time, Northvolt Dwa assembled its first batteries for electric cars in Gdańsk, Poland, in a new factory of 25,000 m² which assembles cells into battery systems for customers in the energy storage and industrial markets, with support from the European Innovation Fund. Among the various customers of the Swedish company, we find BMW, Fluence, Scania, Volvo Cars as well as Volkswagen Group.
Northvolt’s battery cells are currently designed and developed at the company’s laboratories in Västerås, Sweden, as well as at Northvolt Cuberg in San Leandro, California in the United States. Battery cell manufacturing is also ramping up at the Northvolt Ett gigafactory in Skellefteå, Sweden, which will soon be complemented by an adjacent large-scale recycling plant, Revolt Ett. Other projects for new industrial sites are under development in Sweden, Germany and Portugal.
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