Stockholm-based sustainable lithium-ion battery maker Northvolt this morning announced the signing of a $1.1 billion convertible note, almost exactly a year after announcing $2.75 billion in equity funding.
The company points out it has now secured close to $8 billion in equity and debt to deliver on its plans to "establish a supply of sustainable batteries to enable the decarbonization of society".
Northvolt produced its first battery cell at its Sweden-based gigafactory just before 2021 turned into 2022, and made the first commercial deliveries from the factory during spring of this year.
Peter Carlsson, Co-Founder and CEO of Northvolt, commented: “We are proud and thankful for the support and trust from these world-class investors and partners. We will continue to work hard to deliver on the promise we have made to them to build the world’s greenest battery.”
Investors participating in the capital raise were - deep breath - Volkswagen Group, Baillie Gifford, AMF, AP funds 1-4, ATP, Ava Investors, Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur and TM Capital.
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