Swedish battery developer raises $1.2b
Investors - AUGUST 23, 2023

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Swedish battery developer raises $1.2b

by Andrea Zander

Northvolt AB, a Swedish battery developer and manufacturer for lithium-ion technology for electric vehicles, has raised $1.2 billion to finance plans for its further European and North American expansion.

The transaction included participation from new investors Canada Pension Plan Investment Board, OMERS Administration Corporation, GIC Private Limited, Chow Tai Fook Enterprises Limited, and returning investors Investment Management Corporation of Ontario, Goldman Sachs Asset Management, L.P., Volkswagen AG, Baillie Gifford & Co.

The funding is an extension of the $1.1 billion convertible note signed in July 2022, according to the release.

The $2.3 billion convertible round raised to date includes Goldman Sachs Asset Management, AP funds 1-4 (via the co-owned company 4 to 1 Investments), Folksam Group, ATP, Volkswagen Group, AMF, Ava Investors, IMAS Foundation, Baillie Gifford, Swe

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