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Battery innovator Northvolt has issued a $1.1-billion convertible observe to finance its growth of battery cell and cathode materials manufacturing in Europe. Traders taking part within the capital elevate included the Volkswagen Group, together with a raft of world monetary establishments. This capital elevate brings the quantity Northvolt has secured since 2017 near $8 billion.
“We’re proud and grateful for the assist and belief from these world-class traders and companions,” stated co-founder and CEO Peter Carlsson. “We are going to proceed to work laborious to ship on the promise we’ve got made to them to construct the world’s greenest battery.”
The corporate says it’s at the moment growing manufacturing capability to ship on $55 billion value of orders from clients together with BMW, Fluence, Scania, Volvo Vehicles and the Volkswagen Group.
Northvolt produced its first battery cell on the Northvolt Ett gigafactory in Skellefteå, Sweden in late 2021, and made the primary business deliveries from the manufacturing facility through the spring of 2022. The corporate continues to ramp up manufacturing at Northvolt Ett, and has established two extra amenities: a Northvolt/Volvo Vehicles three way partnership gigafactory in Gothenburg, Sweden, and its third gigafactory, Northvolt Drei, in Heide, Germany. The corporate is within the course of of creating a cathode manufacturing facility, Northvolt Fem, in Borlänge, Sweden.
“The mix of political decision-making, clients committing much more firmly to the transition to electrical automobiles, and a really fast rise in shopper demand for cleaner merchandise, has created an ideal storm for electrification,” stated Peter Carlsson.
Supply: Northvolt
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