- Northvolt raised $1.2 billion to fund European and North American expansion.
- The funding extends a $1.1 billion note from July 2022, attracting major investors.
- Northvolt Dwa in Poland has assembled its first energy storage systems, with deliveries expected later this year.
- Northvolt has secured over $9 billion in equity and debt to fulfill $55 billion in orders.
Funding and Investment
Northvolt has raised $1.2 billion to support its expansion plans in Europe and North America. This funding is an extension of a $1.1 billion convertible note from July 2022, attracting investments from IMCO, BlackRock, CPP Investments, and OMERS, among others. The total convertible round now stands at $2.3 billion, with contributions from Goldman Sachs Asset Management, Volkswagen Group, and several other major investors. To date, Northvolt has secured over $9 billion in equity and debt to meet $55 billion in orders from key customers like BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group.
Production Milestones
Northvolt Dwa in Gdańsk, Poland, has assembled its first energy storage systems (ESS) as part of its commissioning process. The new 25,000 square meter plant will assemble cells into battery systems for energy storage and industrial markets, with support from the European Innovation Fund. Customer deliveries are expected to begin later this year.
Future Projects
Northvolt's battery cells are designed and developed at Northvolt Labs in Västerås, Sweden, and Northvolt Cuberg in San Leandro, California. Manufacturing is ramping up at the Northvolt Ett gigafactory in Skellefteå, Sweden, which will soon be joined by a giga-scale recycling plant, Revolt Ett, set to start operations later this year. Additional projects are underway in Sweden, Germany, and Portugal.
Investor Insights
Alexander Hartman, CFO of Northvolt, emphasized the importance of mobilizing resources from both the private and public sectors to achieve global decarbonization goals. He highlighted the significant financial potential in enabling the swift electrification of society.
