Swedish lithium-ion battery maker Northvolt is raising $600 million in fresh equity funds in a private placement joined by investors such as Goldman Sachs Merchant Banking Division, Volkswagen, Baillie Gifford, Norrsken VC and Scania, as well as private backers such as Spotify founder Daniel Ek and Cristina Stenbeck.
Started in 2016, the company says it aims to make further investments in expanding its production and recycling capacity as well as R&D activities - it intends to double its 'Labs' in size in the next few years - to support the target of establishing 150 GWh of manufacturing output in Europe by 2030.
Peter Carlsson, co-founder and CEO of Northvolt, said:
"We are in the middle of a race to establish manufacturing capacity in Europe, and I believe the companies that are best at attracting talent and capital, while scaling their blueprints the fastest, will be the most successful. With these world-class partners behind us, we have created a solid foundation to go on and execute our plans to enable large-scale manufacturing of green batteries in Europe."