Northvolt raises over USD 1 bn to fund new Europe, North America factories: Swedish electric battery maker Northvolt has raised USD 1.2 bn from international investors — including BlackRock and Goldman Sachs — and Canadian pension funds in preparation for expanding in Europe and North America, CFO Alexander Hartman told Reuters. The latest round brings Northvolt’s total debt and equity financing to USD 9 bn as it aims to become Europe’s biggest battery manufacturer. Some sources revealed Northvolt is planning to go public at a valuation of more than USD 20 bn earlier this year.

The company has a Germany and Canada plan in the works: Northvolt is planning to build a EUR 600 mn plant in Germany, according to the newswire, with rumors circulating the company is also close to finalizing an agreement to build a multi bn USD battery factory in Canada. Currently Northvolt has plants in Sweden, Portugal, Germany, Poland, Norway, and the US, according to their website.

REMEMBER- Northvolt wants to take over the EV market by thinking outside the box: Northvolt partnered with Norwegian aluminum giant Norsk Hydro to build a recycling plant that turns used and defective EV batteries into mineral powder used in battery manufacturing. The plant is expected to process 25k electric car batteries within the next months, to become the largest battery recycling plant in Europe.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Nissan EV sales surpass 1 mn unit milestone: Japanese automaker Nissan has sold more than 1 mn EVs since it launched its first all-electric car in 2010. (Statement)
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