Northvolt factory
The company has become the first European supplier in Europe to develop and produce a battery cell.
(Photo: Northvolt)
Swedish battery manufacturer Northvolt is getting fresh money to expand its factory network in Europe. The manufacturer of lithium-ion batteries for electric cars and energy storage announced on Tuesday that $1.1 billion had been raised in the form of convertible bonds.
The largest shareholder of the start-up is the Wolfsburg car manufacturer Volkswagen, which was also at the start this time. Additional capital came from AMF, Ava Investors, Baillie Gifford, Folksam Group, PCS Holding, Swedbank Robur and TM Capital.
Since its inception in 2016, Northvolt has raised approximately $8 billion in equity and debt capital. Last year, the company raised $2.75 billion and was valued at nearly $12 billion in the round.
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