Northvolt secures 1.2 billion dollars to grow globally

Northvolt has now raised the equivalent of 13 billion kronor in new capital, which will be used for expansion in Europe and North America, according to CEO Peter Carlsson.
Northvolt has now raised the equivalent of 13 billion kronor in new capital, which will be used for expansion in Europe and North America, according to CEO Peter Carlsson.

Northvolt has raised $1.2 billion or approximately 13 billion kronor in new capital. The funds will be used for the company's continued expansion in Europe and North America.

Skellefteå 22 augusti 2023 12:08

Today, Northvolt announced the installation of the first battery systems in a new unit at Northvolt Gwa in Gdansk, Poland, and unveiled the new financing that's paying for it.

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In Tuesday's press release, Northvolt reveals that production is increasing at Northvolt Ett and that the recycling plant, Revolt Ett, is set to be operational later this year.

Since 2019, Northvolt has been producing battery systems in Gdansk and has now built a new facility of 25,000 square meters that assembles cells into battery systems for customers in energy storage and industrial markets. Deliveries from the new part of the factory are expected to start by the end of the year.

– I am proud to see our continued efforts recognized by investors, as we receive strong interest from the capital markets to support our mission. The commitment to global decarbonization is strong, and these milestones enhance our position to meet the massive demand for sustainable battery solutions in both Europe and North America, says Northvolt's CEO Peter Carlsson in a press release.

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Northvolt has now raised the equivalent of 13 billion kronor in new capital, which will be used for expansion in Europe and North America, according to CEO Peter Carlsson.

Northvolt's battery cells are currently designed and developed at Northvolt Labs in Västerås and at Northvolt Cuberg in San Leandro, California. The company states that "battery cell manufacturing" is increasing at Northvolt Ett in Skellefteå, where the recycling facility Revolt Ett is planned to start later this year. Additional projects are under development in Sweden, Germany, and Portugal.

No new information is provided in Tuesday's press release regarding plans for North America.

Previously, Northvolt announced that the company had raised $8 billion in loans and venture capital and has an order backlog of over $55 billion.


 
 
 
 
 
 
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