Northvolt, a Swedish battery developer and manufacturer, specializing in lithium-ion technology for electric vehicles, has raised $2.75 billion to increase its battery-cell capacity.
The private placement was co-led by Swedish pension funds AP1, AP2, AP3, AP4 and OMERS Capital Markets, alongside existing investors Goldman Sachs Asset Management and Volkswagen Group.
A number of current Northvolt shareholders participated in the fundraise.
Northvolt is planning to use the funds to expand its Swedish gigafactory, Northvolt Ett, from 40 gigawatt hours to 60 gigawatt hours of annual capacity.