Northvolt announced earlier this month the signing of a $1.1 billion convertible note to finance its expansion of EV battery cell and cathode material production in Europe.
Among the investors once again we can see the Volkswagen Group, but the list is pretty long: “AMF, AP funds 1-4 (via the co-owned company 4 to 1 Investments), ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.”
Together with previous rounds since 2017, Northvolt secured close to $8 billion in equity and debt, including $2.75 billion in June 2021.
According to the company, additional capital is required to support the expansion, as demand for batteries is high. Those two elements – capital and high demand gives a chance to create an all-new battery manufacturer in Europe.
Northvolt says that so far it has received orders for $55 billion of batteries, which is $5 billion more than indicated in May. The list of customers includes BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group.
Northvolt’s strategy is to be a vertically integrated battery manufacturer, starting from in-house cathode material production, battery cell production and recycling.
Production and shipping of batteries at the first plant in Sweden already started, while new manufacturing facilities are in the pipeline:
Other facilities are:
Originally published at https://insideevs.com/news/597210/northvolt-raised-1billion-expansion-europe/