Northvolt Raised $1.1 Billion To Support Expansion In Europe via insideevs.com
Northvolt announced earlier this month the signing of a $1.1 billion convertible note to finance its expansion of EV battery cell and cathode material production in Europe."AMF, AP funds 1-4 , 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."including $2.
Northvolt says that so far it has received orders for $55 billion of batteries, which is $5 billion more than indicated in May. The list of customers includes BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group. Northvolt's strategy is to be a vertically integrated battery manufacturer, starting from in-house cathode material production, battery cell production and recycling.
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