Canada’s Investment Management Corporation of Ontario has invested $400 million in Stockholm-based sustainable lithium-ion battery maker Northvolt via convertible notes ahead of a potential IPO.
"This investment fuels our expansion efforts, allowing us to further extend our global footprint and drive sustainable progress in our mission to deliver the world's greenest battery," said Northvolt CFO Alexander Hartman.
Northvolt's first gigafactory, located in northern Sweden, has already begun producing and delivering batteries as of last year and said last month that it was interested in establishing a battery production plant in Heide, Germany.
Earlier this year it was reported that Northvolt was close to hiring banks for an initial public offering that, at the time, would value the company at more than $20 billion.
According to Reuters, a Northvolt spokesperson said the company hoped to reveal "the next steps in our financing plan in the near future".