Northvolt, a Swedish green battery manufacturer, has raised US $1.2 billion to build factories in Europe and North America

CTOnews.com, August 22 (Xinhua)-- Swedish green battery maker Northvolt has officially announced that it will raise $1.2 billion from Blackstone, Canadian pension funds and other companies and institutions to build new battery plants in Europe and North America.

CTOnews.com learned from a press release that the money is an extension of a $1.1 billion convertible subprime note signed in July 2022, led by Ontario Investment Management Corporation (IMCO), BlackRock (BlackRock) and Canadian Pension Plan Investment Board (CPP Investments), as well as long-term financial partner OMERS, which is the third major investment in the company.

Meanwhile, Northvolt Dwa assembled its first energy storage system (ESS) product in Gdansk, Poland, as part of the commissioning process.

It is reported that the $2.3 billion convertible bond financing raised so far includes Goldman Sachs Asset Management, AP Fund 1-4 (through the co-owned company 4 to 1 Investments), Folksam Group, ATP, Volkswagen Group, AMF, Ava Investors, IMAS Foundation, Baillie Gifford, Swedbank Robur, PCS Holding, Olympia Group, TM Capital, Compagnia di San Paolo through Fondaco Growth, East Innovate, ADQ, GIC, CTFE and J. Safra Sarasin.

Through this financing, Northvolt has so far secured more than $9 billion in equity and debt to deliver more than $55 billion in orders from major customers such as BMW, Fluence, Scania, Volvo and the Volkswagen Group.

The Northvolt battery is currently designed and developed by Northvolt Lab in Westrose, Sweden, and Northvolt Cuberg in San Leandro, California, USA. Battery production is increasing at the Northvolt Ett super factory in Sherefteo, Sweden, and Revolt Ett, a large nearby recycling plant, will start operating later this year.