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NorthVolt Starts Biggest Fundraising for $4 Billion Battery Plan

  • Fundraising may draw 100 million euros from key customers
  • Decision near on which of two sites in Sweden for new factory
Photographer: Tomohiro Ohsumi/Bloomberg

NorthVolt AB, the Swedish battery factory developer founded by a former Tesla Inc. executive, is planning to close its first major fundraising round this autumn, potentially drawing in 100 million euros ($118 million).

It’s a “partnership round” where the company is tapping its potential customers, such as carmakers, energy storage firms and industrial concerns, according to Chief Executive Officer Peter Carlsson. NorthVolt has previously raised about $14 million. Its investors include Sweden’s largest utility Vattenfall AB, which contributed 5 million kronor ($610,000).