Northvolt Raises $1.1 Billion at $12 Billion Valuation

Northvolt is a battery developer and manufacturer that specializes in lithium-ion technology for electric vehicles. The company aims to supply the automotive industry with electric vehicles sustainable battery cells and systems to accelerate the transition to a decarbonized future. Northvolt has built the biggest li-ion battery factory in Europe.

Among the funding round investors are Goldman Sachs Asset Management, Volkswagen AG, Baillie Gifford & Co., and Sweden’s AP Funds. The part of investments will be used for the development of the key component of the strategy, cathode material production. Funding is also planned to be used for financing factories’ expansion in Europe.

Northvolt, Stockholm, Sweden, was founded by Peter Carlsson and Paolo Cerruti in 2016. In May, Northvolt started selling cells to customers and became the first European company that makes commercial shipments to carmakers. “Our biggest challenge short-term is to keep the focus on executing and getting products out, and show our customers we can deliver on time,” Peter Carlsson, Northvolt’s CEO. The biggest company shareholder is Volkswagen. In 2021, Northvolt produces its first battery cell with 100% recycled nickel, manganese, and cobalt. In the same year, the company established a joint venture with Volvo Cars for the development and sustainable production of batteries for the next generation of pure electric Volvo and Polestar cars.

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