Northvolt secures SEK 123M from Vattenfall and Vargas Holding

Sweden Investments 04 January 2019
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Northvolt, a Swedish-based company working to launch an electric battery factory, announced that secured SEK 123M ($14M) in a new investment round. The money was provided by existing investors Vattenfall and Vargas Holding.

Northvolt, founded in 2016 by CEO Peter Carlsson, aims to enable the European transition to renewable energy, planning to build a $4bn plant expected to start large-scale production by 2020.

The company has raised more than $70M from outside investors, including strategic ones such as Siemens, ABB, or Vestas.