NorthVolt Raises $1.1 Billion For European Expansion

Battery maker NorthVolt has raised $1.1 billion which will finance its expansion for electric car battery cell and cathode production in Europe. Volkswagen which has been one of its earliest backers is also part of this latest round of investment.

This round also gets the likes of ATP, AMF, AP funds, Ava Investors, Baillie Gifford, Compagnia di SanPaolo through Fondoco Growth, Folksam Group, Goldman Sacha Asset Management, IMAS Foundation, Olympia Gorup, OMERS Capital Markets, PCS Holding, Swedbank Robur and ™ Capital.

This means all together in the last five years, NorthVolt has raised $8 billion in equity and debt including the $2.75 billion it raised last June. With demand for batteries being high, NorthVolt wants to become Europe’s preeminent electric car battery manufacturer.

NorthVolt says that it has received orders for $55 billion worth of batteries which is now $5 billion more than what it indicated in May. The list of customers includes BMW, Fluence, Scania, Volvo Cars and Volkswagen Group.

It has plans to be a vertically integrated battery manufacturer with in-house cathode material production, battery cell production and recycling.