Finance

Swedish Battery Maker Draws Backing From Spotify CEO

Goldman Sachs, Volkswagen lead share placement for Northvolt
Company will start making full-scale units next year

Northvolt CEO Peter Carlsson holds a prismatic cell battery, left, and a cylindrical cell battery, at the company's plant in Vasteras, Sweden.
Photographer: Erika Gerdemark/Bloomberg

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By Niclas Rolander

September 29, 2020 at 10:45 AM UTC

Corrected

September 29, 2020 at 2:04 PM UTC

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Swedish battery-cell maker Northvolt AB raised $600 million in a private placement that brought in more big names such as the CEO of Spotify Technology SA to help it grab a share of the market for powering electric cars.