Northvolt has signed a USD 1.1 billion convertible note to finance its expansion of battery cell and cathode material production in Europe.
With this capital raise, Northvolt has since 2017 secured close to USD 8 billion in equity and debt to deliver on its plans to establish a supply of sustainable batteries to enable the decarbonization of society.
Investors participating in the capital raise included AMF, Ava Investors, Baillie Gifford, Folksam Group, Goldman Sachs Asset Management, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.
Northvolt produced its first battery cell at its production facility in Skellefteå at the turn of the year 2020/2021, and made the first commercial deliveries from the factory during the spring of 2022. Through its large-scale recycling program, Northvolt intends to enable 50% of its raw material requirements to be sourced from recycled batteries by 2030.
Northvolt was advised by Mannheimer Swartling in the transaction.