Northvolt Raises $1.2Bn for Further European and North American Expansion

Sweden's Northvolt has announced the raising of $1.2 billion to finance plans for its further European and North American expansion. With this capital raise, Northvolt has now secured over $9 billion in equity and debt to deliver on over $55 billion in orders from key customers, including BMW, Scania, Volvo Cars and Volkswagen Group.

In parallel, its plant in Poland, Northvolt Dwa, has assembled its first energy storage system (ESS) products as part of its commissioning process.

Producing battery systems at a small-scale facility located in Gdańsk since 2019, Northvolt has built a new 25,000 square meter plant that assembles cells into battery systems for customers in energy storage and industrial markets.

Customer deliveries are expected to commence later in the year.

Northvolt battery cells are currently designed and developed at Northvolt Labs in Västerås, Sweden, and Northvolt Cuberg in San Leandro, California, US.

Battery cell manufacturing is ramping up at Northvolt Ett gigafactory, in Skellefteå, Sweden, which will be joined by an adjacent giga-scale recycling plant, Revolt Ett, due to start operations later this year.

Additional projects are under development in Sweden, Germany and Portugal.

Peter Carlsson, Co-Founder and CEO of Northvolt, says: “I’m proud to see our continued effort being recognized by investors, as we are receiving significant interest from capital markets to support our mission. The commitment to global decarbonization is strong, and these milestones reinforces our position to meet the massive demand for sustainable battery solutions both in Europe and North America.”

Alexander Hartman, CFO of Northvolt, adds: “We have found a committed group of investors that understands both the urgent need and massive financial potential in enabling the swift electrification of society. However, there is a long road ahead if Europe and North America are to reach their full potential as leaders of the energy transition. To create a pathway for global warming below 1.5°C, both the private and public sector need to mobilize resources at an unprecedented scale.”

Founded in 2016 , Northvolt is a premium supplier of sustainable, high-quality battery cells and systems.