Sweden's Northvolt Secures $600 Million in Private Placement
September 29 2020 - 7:48AM
Dow Jones News
By Kim Richters
Northvolt AB said Tuesday that it has raised $600 million from
institutional and private investors to further expand its
production and recycling capacities.
The Swedish battery maker said investors in the private
placement include Baillie Gifford, Goldman Sachs's merchant banking
division and German car maker Volkswagen AG, while private
investors like Spotify founder Daniel Ek also participated.
The funding will be used to expand its production, recycling and
R&D capacities, said the company, which targets 150
gigawatt-hours of manufacturing output in Europe by 2030,
representing a 25% market share.
"We are in the middle of a race to establish manufacturing
capacity in Europe, and I believe the companies that are best at
attracting talent and capital, while scaling their blueprints the
fastest, will be the most successful," Chief Executive and
co-founder Peter Carlsson said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
September 29, 2020 07:33 ET (11:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Volkswagen (TG:VOW3)
Historical Stock Chart
From Mar 2024 to Apr 2024
Volkswagen (TG:VOW3)
Historical Stock Chart
From Apr 2023 to Apr 2024