Europe’s Biggest Homegrown Battery Maker Gets $1.2 Billion to Fund Production Ramp Up
A Lithium-ion prismatic cell battery at the Northvolt plant in Skelleftea, Sweden.
Photographer: Mikael Sjoberg/BloombergThis article is for subscribers only.
Battery maker Northvolt AB has raised $1.2 billion from international investors as the company aims to boost production at its factory in Northern Sweden.
Northvolt extended a convertible note from last year to $3.5 billion, having secured the same amount during a financing round in August. The company’s level of fundraising in 2023 places it among the biggest in Europe’s startup industry, which is on pace for less than half the deals from 2022.