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VW Battery Maker Northvolt Raises $2.75 Billion in Financing
- New funds to help expand operations amid strong demand
- VW keeps stake at 20% with $620 million contribution
Source: Northvolt AB
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Swedish battery maker Northvolt AB raised $2.75 billion in its biggest financing round yet to expand its operations and cater to surging demand in Europe for cells made with green energy.
The private placement was co-led by Swedish pension funds AP1, AP2, AP3 and AP4, and Omers Capital Markets, alongside existing investors Goldman Sachs Asset Management and Volkswagen AG, according to a statement published on Wednesday.