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By Ek! Northvolt raises $600m

By Ek! Northvolt raises $600m

The European battery manufacturer has raised the funds with a private shares placement which included the co-founder and CEO of music streaming service Spotify.

The Spotify co-founder has invested in battery manufacturer Northvolt.

Nirvana’s Lithium would seem the obvious starting point for a battery playlist compiled to celebrate Spotify co-founder Daniel Ek’s contribution to a $600 million fundraising exercise by European battery manufacturer Northvolt.

Ek, who is also CEO of the music streaming service, was among the contributors in a private shares issuance by the company, the results of which were announced today.

The fundraising round was led by Glasgow-based investment manager Baillie Gifford, which comes on board as a new investor, alongside established backers Goldman Sachs, Volkswagen, the Scania Swedish truckmaker owned by the German auto giant and the IMAS Foundation – sister fund to the Stochting Ingka Foundation co-founded by Ikea founder Ingvar Kamprad.

Ek is a new face, along with Cristina Stenbeck and fellow new backers Baron Capital Group, based in New York; Jersey-based Bridford Investments Ltd; Swedish start-up funder Norrsken VC; and Swiss manufacturer PCS Holding, which produces everything from textile equipment to trolley buses.

Northvolt said today its Northvolt Ett battery gigafactory, in Skellefteå, Sweden – which will have a “potential” capacity of 40 GWh – is due to start production next year. The company’s Northvolt Zwei facility, at Salzgitter, Germany, is set to open with a 16 GWh annual capacity in 2024.

The company is also planning a giga-scale recycling center next to Northvolt Ett which will open with a 4 GWh annual capacity and is intended to become “the largest in the world,” according to Northvolt.

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Post time: Sep-30-2020