Battery maker Northvolt raises $600 million in private placement

Battery maker Northvolt raises 0 million in private placement

September 29, 2020

STOCKHOLM (Reuters) – Swedish lithium-ion battery maker Northvolt is raising $600 million in fresh equity in a private placement joined by investors such as Volkswagen <VOWG_p.DE>, Scania, Baillie Gifford and Spotify founder Daniel Ek, it said on Tuesday.

Northvolt, which aims to take on major Asian players such as CATL and LG Chem and targets a 25% market share in Europe by 2030, said the equity raise would enable further investments in capacity expansion, research and development, and recycling.

“With these world-class partners behind us, we have created a solid foundation to go on and execute our plans to enable large-scale manufacturing of green batteries in Europe,” Northvolt CEO Peter Carlsson said in a statement.

(Reporting by Johannes Hellstrom, editing by Anna Ringstrom)