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Nordic pension funds and Baillie Gifford increase exposure to battery maker
The new private placement will go towards the expansion of the firm s gigafactory in Sweden. 9 June, 2021 at 12:19
Swedish electric car battery maker Northvolt has made a $2.75bn (€2.26bn) private placement led by Swedish national pension funds and Canadian investor Omers Capital Markets.
Current shareholders of Northvolt, which include Baillie Gifford, Goldman Sachs Asset Management and Volkswagen Group, also participated in the equity raise.
Northvolt will use the new funds to expand its Swedish gigafactory, Northvolt Ett, from 40 to 60 GWh production capacity in response to increasing demand, which includes a $14bn order from Volkswagen earlier this year.