Canada's Investment Management Corp. of Ontario (IMCO) has invested $400 million in Northvolt, a Swedish battery developer and manufacturer, in what has become IMCO's largest deal in Europe to date.
According to Reuters, the investment will help Northvolt expand its production of lithium-ion batteries ahead of a possible IPO, which could value it at more than $20 billion. Northvolt, valued at $12 billion in 2021, has raised more than $8 billion in debt and equity since 2017 toward its goal to become Europe's biggest battery manufacturer.
In May, the company announced plans to invest several billion euro to build an electric vehicle battery plant in Germany. Northvolt’s investor base includes BMW and Volkswagen.
“Northvolt really fits with a lot of the trends we are trying to invest in,” Rossitsa Stoyanova, CIO at IMCO, told Reuters. “Whether [Northvolt] goes public or stays private, we’ve done our homework and we are happy with the in
