Nordic battery giant Northvolt seeks $5 billion in financing to become Europe's largest battery maker

CTOnews.com, March 26 (Xinhua) Swedish lithium-ion battery maker Northvolt is in talks to secure financing of more than $5 billion (CTOnews.com Note: currently about 34.35 billion yuan) to achieve its goal of becoming the largest battery maker in Europe, the Financial Times reported on Sunday.

The Financial Times quoted people familiar with the matter as saying that the company was in talks with some banks to raise funds and that an agreement could be reached later this year.

So far, Northvolt has raised billions of dollars through bond issues to finance investments in its factories, including $1.1 billion in convertible notes last year that helped boost production at its superfactory in Skelleftea, Sweden.

Northvolt is about to hire banks to conduct an initial public offering (IPO) in Europe or New York, which could value the company at more than $20 billion, Reuters reported last month.