Electric car maker Polestar raises $550m from new investors

They have been joined by I Cube Capital, an arm of the South Korean global conglomerate of SK Inc, among other investors.

Polestar is controlled by Swedish automaker Volvo and its parent Chinese car maker Geely. The new capital diversifies its funding structure, and will help speed up product development and technological capability ahead of several new car launches, the company said.

Mergermarket reported at the beginning of the year that Polestar was eyeing a series-B round this quarter with a valuation of $15bn.

According to Bloomberg, the company was contemplating an IPO as early as this year in the US or Hong Kong, or a merger with a special-purpose acquisition company. The report also said that the company could have an estimated value of more than $10bn in a listing.

The company, which raised $1.2bn in a series-A round at the end of 2020 from three undisclosed investors, said that further fundraising was being considered.

Company
Founded in 2017 and based in Gothenburg, Polestar manufactures and sells electric vehicles in 10 markets across Europe, North America and China. It has launched two electric cars, Polestar 1, a low-volume electric performance hybrid GT, and Polestar 2, a fully electric, high volume car.

People
Polestar – Thomas Ingenlath (CEO).

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