Northvolt secure USD 1 billion equity financing

Northvolt has secured financing of approximately USD 1 billion to support the construction of its full scale battery production facility in Skellefteå with an initial planned capacity of 16 GWh. The financing round is led by Goldman Sachs and Volkswagen with BMW, AMF, Folksam, and the IMAS Foundation also investing.

Northvolt was founded in 2016 to become a leader in sustainable lithium ion battery production, through the construction of large scale European production facilities based on vertical integration, superior technology, low cost renewable energy supply and advanced automation. All of this providing the foundation for the world’s greenest battery in combination with long term cost leadership on a global level.

Mannheimer Swartling has been legal adviser to Northvolt in the transaction.

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