Stockholm-based Northvolt is a lithium-ion battery manufacturing company that focuses on providing eco-friendly batteries. It provides electrification and renewable energy storage designed for lithium-ion battery plants to produce batteries for electric vehicles. The company is on a mission to deliver batteries with an 80 per cent lower carbon footprint compared to those made using coal energy.
Northvolt raises funds
In a recent development, Northvolt announced the signing of a $2.75B (approx €2.27B) private placement to finance. A private placement is a sale of stock shares or bonds to pre-selected investors and institutions rather than on the open market. Including this round, the company has now raised over $6.5B (approx €5.37B) in equity and debt, to date.