The new funding comes as Northvolt prepares to build new factories in Europe and North America
Swedish lithium-ion battery producer Northvolt has raised $1.2-billion from investors including BlackRock and several Canadian pension plans as it prepares to build new factories in Europe and North America, its finance chief told Reuters.
Leading the round alongside BlackRock, the world’s biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. Other investors to take part included Goldman Sachs, Volkswagen, Baillie Gifford, Swedbank Robur , Singapore’s GIC and Hong Kong-based Chow Tai Fook Enterprises.
While the company has a facility in the United States, sources said the company is close to finalizing plans to build a multibillion-dollar battery factory in Canada that will be announced later this year.With the latest round, Northvolt has raised more than $9-billion in debt and equity since 2017 in its bid to become Europe’s biggest battery manufacturer, including $1.1-billion in convertible notes last year from multiple investors.
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