Northvolt in a $2.75 billion private placement co-led by Swedish pension funds AP1, AP2, AP3, AP4 and OMERS

Denmark Sweden Switzerland Germany United Kingdom Netherlands United States Canada 08 June 2021
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Northvolt, a Stockholm, Sweden-based company manufacturing electric batteries, announced the completion of a private placement totalling $2.75 billion.

The deal was co-led by Swedish pension funds AP1, AP2, AP3, AP4 and OMERS Capital Markets alongside existing investors Goldman Sachs Asset Management and Volkswagen Group.

Current Northvolt shareholders AMF, ATP, Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia di San Paolo, Cristina Stenbeck, Daniel Ek, IMAS Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania, and Stena Metall Finans participate in the equity raise.

Proceeds will be used as Northvolt intends to expand Swedish gigafactory, Northvolt Ett, from 40 to 60 GWh of annual capacity to meet increased customer demand.

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. In order to meet its 2030 capacity target, Northvolt currently 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.

Northvolt has to date secured in excess of $27 billion worth of contracts from key customers, including BMW, Fluence, Scania and Volkswagen,

Including the private placement, Northvolt has now raised more than $6.5 billion in equity and debt

Total investments received (USD): 3.436B
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