Battery maker Northvolt in talks for over $5 billion in financing -FT

FILE PHOTO: General view outside the Northvolt facility in Vasteras, Sweden, September 29, 2021. Picture taken September 29, 2021. REUTERS/Helena Soderpalm.

(Reuters) -Swedish lithium-ion battery producer Northvolt is in talks to secure more than $5 billion of financing to pursue its goal of becoming Europe's biggest battery manufacturer, the Financial Times reported on Sunday.

The company is negotiating with a number of banks to raise the amount and an agreement could be reached later this year, the FT said, citing people with knowledge of the matter.

Northvolt has so far raised billions via debt issuance to fund its factory investments, including $1.1 billion in convertible notes last year that have helped it ramp up production at its gigafactory in Skelleftea, Sweden.

Reuters last month reported that Northvolt is close to hiring banks for an initial public offering (IPO) in Europe or New York that could value the company at more than $20 billion.

Northvolt declined to comment.

(Reporting by Aarati Krishna in Bengaluru; Editing by Edwina Gibbs, Elaine Hardcastle)

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Tech News

Opinion: Apple email confuses readers
Amazon leads declines in discretionary sector, streaming companies outperform
GameStop ousts CEO, names Ryan Cohen as executive chair
Google, Meta use 'bullying tactics' against Canada news bill, PM Trudeau says
Netflix expands its long-dreaded crackdown on account sharing
Microsoft to offer OpenAI's GPT models to government cloud customers
What makes a crypto asset a security in the U.S.?
Amazon plans ad tier for Prime Video streaming service - WSJ
Binance.US pauses OTC trading, says deposits and withdrawals functioning as normal
BT CEO pay to be frozen until retirement - Sky News

Others Also Read