European battery manufacturer Northvolt has announced the signing of a $600 million private placement, led by investment management company Baillie Gifford, Goldman Sachs Merchant Banking Division and Volkswagen AG, enabling the company to make further investments in expanding its production and recycling capacity as well as R&D activities to support the target of establishing 150 gigawatt hours of manufacturing capacity in Europe by 2030.
In this private placement, a new group of international institutional investors join as Northvolt shareholders: Baillie Gifford, Baron Capital Group, Bridford Investments, Norrsken VC and PCS Holding.
Private investors Cristina Stenbeck, an American-Swedish entrepreneur, and Daniel Ek, co-founder and CEO of music streaming service Spotify, also participated in the equity raise, together with existing Northvolt shareholders Goldman Sachs Merchant Banking Division, IMAS Foundation, Scania and Volkswagen.
The private placemen
