AP Funds, Omers et al. in $2.75bn round for Northvolt

Also participating in the equity funding were AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments, Compagnia di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania and Stena Metall Finans.

The battery maker has now raised more than $6.5bn (€5.3bn) in equity and debt, and will use the funding to expand its annual production capacity in Europe to reach and exceed 150 GWh of deployed annual production by 2030.

The company plans to expand its first gigafactory, Northvolt Ett, in Skellefteå, Sweden, from its earlier plan of 40 GWh to 60 GWh of annual production capacity in order to meet increased demand from key customers. It also anticipates building at least two more gigafactories in Europe over the coming decade, and is actively exploring the opportunity of building the next of these in Germany.

Company
Founded in 2016 and based in Stockholm, Northvolt is a manufacturer of batteries, specialising in lithium-ion technology for electric vehicles.

People
Northvolt – Peter Carlsson (co-founder, CEO); Alexander Hartman (CFO).

Advisers
Company – Goldman Sachs (corporate finance); Morgan Stanley (corporate finance).

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• Topics
• Expansion
• Nordics
• Industrials
• Goldman Sachs Asset Management
• OMERS
• Sweden
• Venture