Hyperdrive
BMW Rules Out Investing in New Northvolt Funding Round
- Carmaker will sit out funding round for troubled cell supplier
- Northvolt’s CEO and co-founder have pledged fresh capital
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BMW AG is unwilling to invest more in Northvolt AB, the cash-strapped battery maker that’s seeking fresh funds to stabilize its finances, according to a person familiar with the matter.
The German automaker sat out recent Northvolt financing rounds and isn’t prepared to participate in the next one, the person said, asking not to be named discussing internal information. BMW currently owns 2.8% of the Swedish electric-vehicle supplier.