Swedish battery developer and manufacturer Northvolt AB has raised $2.75 billion in capital as it prepares to ramp up to an annual production capacity of 150 GWh in Europe by 2030.
The funding round – Northvolt’s largest thus far – was co-led by existing investors Goldman Sachs and Volkswagen, and new investors including the Swedish pension funds AP1-4, and OMERS, one of Canada’s largest pension plans. AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania and Stena Metall Finans also participated in the raise.
Volkswagen’s investment came to €500 million ($620 million), the OEM said Wednesday, maintaining its 20% stake in the battery manufacturer.
CNBC reported that Northvolt’s valuation now stands at $11.75 billion. The company declined to comment on the specific valuation figure to TechCrunch.
Northvolt has already scored major deals with automakers like Volkswagen and BMW. In July 2020, the company inked a $2.3 billion contract with BMW for batteries; more recently in March, Volkswagen put in a $14 billion order over a ten-year period. The two deals bring Northvolt’s total contracts to $27 billion. Other notable customers include …read more
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