Stockholm-based battery maker, Northvolt, announced on Tuesday that it has signed a $1.1B (approximately €1B) convertible note to finance its production capabilities in Europe to support the ever increasing demand for batteries.
The announcement comes a year after the company raised $2.75B (approx €2.27B) in equity at an $11.75B (approximately €11.4B) valuation last June.
To date, Northvolt has raised close to $8B (approximately €7.7B) in equity and debt.
Investors
Investors who participated in Northvolt’s latest round include AMF, AP funds 1-4 through the co-owned company 4 to 1 Investments, ATP, Ava Investors, Baillie Gifford, Compagnia di San Paolo through Fondaco Growth, Folksam Group, Goldman Sachs Asset Management, IMAS Foundation, Olympia Group, OMERS Capital Markets, PCS Holding, Swedbank Robur, TM Capital, and Volkswagen Group.