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Northvolt Raises $1.2 Billion Amid Canada Battery Factory Plans
- BlackRock, Canadian public-sector funds invest in convertible
- Swedish company is expanding in Europe, North America
The NorthVolt AB Labs research and development center in Vasteras, Sweden.
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
Northvolt AB raised $1.2 billion from North American investors including BlackRock Inc. and CCP Investments as the Swedish battery maker is said to be in talks to set up a new factory in Canada.
Northvolt extended last year’s $1.1 billion convertible note to $2.3 billion to finance an expansion of its production capabilities in Europe and North America, the company said Tuesday. Ontario’s public-sector investment vehicle and its pension fund also invested.