FILE PHOTO: General view outside the Northvolt facility in Vasteras, Sweden, September 29, 2021. Picture taken September 29, 2021. REUTERS/Helena Soderpalm.
(Reuters) - Northvolt, the Swedish lithium-ion battery producer that counts BMW and Volkswagen among its investors, is close to hiring banks for an initial public offering (IPO) that could value the company at more than $20 billion, four sources close to the matter told Reuters.
The company, which last raised funding from investors at a valuation of $12 billion in 2021, is expected to tap Goldman Sachs Group and Morgan Stanley to lead a stock market launch, the sources said.
