According to foreign media reports, Northvolt, a Swedish start-up battery company is negotiating to obtain more than $5 billion in financing to achieve the goal of becoming the largest battery manufacturer in Europe. Northvolt is in talks with a number of banks about debt financing and could reach an agreement later this year, according to people familiar with the matter. Northvolt refused to comment on this news.
Northvolt was founded in 2017 and its largest shareholders include Volkswagen Group, Goldman Sachs, BMW and Baillie Gifford. Northvolt has become one of the main challengers to battery industry leaders such as CATL and LG Energy Solution.
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