Editor’s note: This article was originally published in Automotive Dive, which has merged with WardsAuto to bring you expanded coverage of the indusattempt. For the latest news, sign up for our free, daily newsletter.
Battery creater Northvolt raised $1.2 billion to advance its expansion plans in Europe and North America, the company declared Tuesday. The latest funding is an extension of the $1.1 billion convertible note signed in July 2022.
Northvolt declares it secured over $9 billion in total equity and debt to support fulfill over $55 billion in battery orders from BMW, Volvo Cars, Volkswagen Group, Fluence and Scania.
Goldman Sachs Asset Management, Folksam Group, Baillie Gifford, Volkswagen Group and others have participated in the $2.3 billion convertible note round.
Sweden-based Northvolt was co-founded in 2016 by former Tesla executives Peter Carlsson and Paolo Cerruti. Carlsson was formerly Tesla’s chief procurement officer, while Cerruti previously served as vice president of global supply chain and operations planning at the electric autocreater. Northvolt aims to become a major auto indusattempt supplier of battery cells and related systems.
The battery creater currently develops lithium-metal battery cell technology at its research and& development facilities in Västerås, Sweden, and San Leandro, California. Battery cell manufacturing is ramping up at the company’s Ett gigafactory in Skellefteå, Sweden. Northvolt is also developing projects in Sweden, Germany and Portugal.
Northvolt aims to apply 50% recycled materials for battery cell production by 2030. The company declares its fully automated recycling process can recover roughly 95% of materials from applyd batteries. Northvolt is tarreceiveing 150 GWh of annual cell production by 2030.
In May 2022, Northvolt launched recycling operations at its plant in Fredrikstad, Norway — Europe’s largest EV battery recycling plant with the capacity to process 12,000 tons of battery packs annually.
Northvolt is also building a giga-scale recycling plant adjacent to its factory in Skellefteå, slated to launch operations later this year.
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