Northvolt raises $1.2 billion via convertible note placement

By William Gullotti

Buffalo, N.Y., Aug. 22 – Northvolt AB has raised $1.2 billion to finance plans for further expansion in Europe and North America, according to a press release on Tuesday.

According to the press release, the convertibles attracted investment from funds classified as dark green under Article 9 of the European Union’s sustainable finance disclosure regulation.

The funding is an extension of the $1.1 billion convertible note signed in July 2022, bringing the total balance of the convertibles to $2.3 billion.

Leading the extension are the Investment Management Corporation of Ontario, BlackRock, Canada Pension Plan Investment Board and Omers, marking its third major investment in Northvolt.

Overall, the $2.3 billion of convertibles were sold to investors including Goldman Sachs Asset Management, AP funds 1-4, Folksam Group, ATP, Volkswagen Group, AMF, Ava Investors, IMAS Foundation, Baillie Gifford, Swedbank Robur, PCS Holding, Olympia Group, TM Capital, Compagnia di San Paolo through Fondaco Growth, East Innovate, ADQ, GIC, Chow Tai Fook Enterprises and J. Safra Sarasin.

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, Fluence, Scania, Volvo Cars and Volkswagen Group.

Goldman Sachs Bank Europe SE, J.P. Morgan SE and Morgan Stanley & Co. International plc are the joint placement agents.

Peter Carlsson, Northvolt’s co-founder and chief executive officer, added, “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.”

Based in Stockholm, Northvolt is a supplier of sustainable battery cells and systems.

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