Northvolt announced having raised SEK 120M for setting up a battery factory in Sweden.

Sweden Investments 07 March 2017
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Northvolt, formerly named SGF Energy, is a Swedish project initiated by Peter Carlsson for a development of a large factory in order to supply Europe with electrical batteries.

The company, which has offices in Stockholm and employs 15 people, announced the transition to the next phase of developemnt, which involves prospecting for the location of the factory. As such, Northvolt raised SEK 120M ($13.3M) from investors including Vattenfall Group, Dan Olsson or Harald Mix.

Peter Carlsson is a Swedish investor, with some fame for spending 4 years at Tesla as purchasing and logistics manager.

Northvolt was made public in 2016, when the company launched a feasibility study developed with the support of Vinnova and the Swedish Energy Agency.

The estimated investment for the entire project is SEK 40bn ($4.7bn).