Amrith Ramkumar and William Boston of The Wall Street Journal are reporting that Northvolt is raising billions in cash to bolster a battery factory in hopes of accelerating a race to build batteries outside of China. They write:
One of the world’s most valuable battery startups is raising $3.4 billion in debt from the European Union and a group of banks including JPMorgan Chase, accelerating a race to build more batteries outside China and take advantage of a tidal wave of clean-energy subsidies.
Europe’s Northvolt plans to use the funding to grow battery production at a factory in northern Sweden for customers such as Volkswagen and BMW. It also plans to expand a recycling facility next door that will convert scrap metal and old batteries into reusable battery materials. […]
Carlsson said the company is preparing to go public when market conditions are more attractive but that the new funding shows why Northvolt is in no rush while it scales production.
“2024 and 2025 will be crucial years,” he said.
Read more here.
