Word has it that Stockholm-based lithium-ion battery maker Northvolt is in talks to add another $5 billion to the coffers. According to a report filed by Ivan Levingston and Richard Milne at the Financial Times, the company is in talks with a number of banks to secure $5 billion in debt financing, and if all goes well, the deal is expected to close later this year.
Landing in the number two spot on our Top 5 European climate tech funding deals of 2022 at $1.1 billion in a convertible note that was aimed at financing the expansion of its battery cell and cathode material production in Europe, Northvolt has already secured over $7 billion in funding.
The news arrives just over a month since Reuters reported that the company was in talks with banks to float an IPO that would see the seven-year-old company valued north of $20 billion.
As noted by the FT, Northvolt’s rise stands in stark contrast to the UK’s BritishVolt which went into administration after running out of cash and was acquired by Australia's Recharge Industries, a firm that is ultimately owned by New York-based Scale Facilitation.