Northvolt Is Said to Keep $12 Billion Valuation After New Round
- Battery firm signs $1.1 billion convertible note to aid rampup
- CEO Carlsson says demand for cells, electric cars is strong
A Lithium-ion prismatic cell battery at the Northvolt Ett AB plant in Skelleftea, Sweden.
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
Swedish battery-maker Northvolt AB has defied the market gloom surrounding startups by securing new funds at last year’s valuation of $12 billion, according to a person familiar with matter who asked not to be identified because the details are private.
The company said in a separate statement that it had signed a $1.1 billion convertible note to finance an expansion of its production capabilities in Europe. The new funds arrive as other high profile private companies in Sweden, such as Klarna Bank AB, have seen their valuations plummet amid a cooler climate for raising capital.