Hyperdrive
BMW-Backed Northvolt Advances on $12 Billion Battery IPO Plan
- Chairman says a listing is likely to happen within 2 years
- Swedish battery company on course to be Europe’s biggest
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Sweden’s Northvolt AB, whose customers include BMW AG and Volkswagen AG, is planning to go public within the next two years as battery demand for electric vehicles booms.
The firm is “well positioned” for an initial public offering, founder and Chairman Carl-Erik Lagercrantz said in an interview. The venture, which has been valued at around $12 billion after raising some $6.5 billion through debt and equity, is part of a trio of green technology startups spearheaded by Lagercrantz and private equity veteran Harald Mix.