Battery Maker Northvolt Raises $1.1 Bln Funding

Battery maker Northvolt said that it has raised $1.1 billion in convertible notes from a group of investors to finance expansion of its factories in Europe.

Investors participating in the capital raise included AMF, Ava Investors, Baillie Gifford, Folksam Group, PCS Holding, Swedbank Robur, TM Capital and Volkswagen Group.

The Swedish company, whose biggest shareholder is Volkswagen , has so far raised about $8 billion in equity and debt. It raised $2.75 billion in equity in June last year, which valued the company at $11.75 billion.

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