Northvolt announced a $600 million private equity placement backed by Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Norrsken VC & PCS Holding.
Northvolt, a Stockholm, Sweden-based company producing electric batteries, announced securing a $600 million private equity placement.
The money was raised from a range of international investors including Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Norrsken VC and PCS Holding. Current Northvolt shareholders Goldman Sachs Merchant Banking Division, IMAS Foundation, Scania and Volkswagen AG are also contributors to the raound.
Money will be used for capacity expansion, R&D and recycling.
Northvolt, founded in 2016 by CEO Peter Carlsson, build manufacturing facilities for supplying of sustainable, high-quality battery cells and systems. The company aims to reach a target of a 25 percent market share in Europe by 2030, equaling approximately 150 GWh of commissioned annual production capacity, with 50 percent of its raw material coming from recycled batteries.