Sweden’s Northvolt raises $2.8B to supercharge EV battery output
Northvolt logo is pictured in the Northvolt office in Stockholm, Sweden June 14, 2018. Lithium-ion battery maker Northvolt has raised $2.75 billion in equity to expand capacity at the factory it is building in northern Sweden to meet increasing demand for electric cars. Northvolt said the private placement, one of the biggest in Europe, was led by four Swedish pension funds and OMERS Capital Markets, alongside existing investors Goldman Sachs and Volkswagen, with other shareholders also participating. The latest fundraising values Northvolt at $11.75 billion, a source familiar with the matter said. TESLA CONTACT.Carlsson said Northvolt was in talks with companies across the auto industry about new partnerships, adding that it had been in contact with Tesla, but declined to give more details. Northvolt plans to start production later this year at its factory in the city of Skelleftea. "Northvolt has now raised more than $6.5 billion in equity and debt to enable an expansion plan leading up to and beyond 150 GWh of deployed annual production capacity in Europe by 2030," Northvolt said.