Northvolt Raises USD 1.2 Billion for ESS Production Expansion in Europe and North America
Northvolt battery cells are currently designed and developed at Northvolt Labs in Västerås, Sweden, and Northvolt Cuberg in San Leandro, California, US.
August 23, 2023. By EI News Network
The funding is an extension of the USD 1.1 billion convertible note inked in July 2022, and has captivated investment from funds labeled dark green in accordance with Article 9 of the EU's Sustainable Finance Disclosure Regulation (SFDR).
In parallel, Northvolt Dwa has assembled its first energy storage system (ESS) products in Gdańsk, Poland as part of its commissioning process.
Producing battery systems at a small-scale facility located in Gdańsk since 2019, Northvolt has built a new 25,000 square meter plant that assembles cells into battery systems for customers in energy storage and industrial markets, with support from the European Innovation Fund. As final validation of production lines concludes, customer deliveries are expected to commence later in the year.
Peter Carlsson, Co-Founder and CEO of Northvolt, stated, “I’m proud to see our continued effort being recognized by investors, as we are receiving significant interest from capital markets to support our mission. The commitment to global decarbonization is strong, and these milestones reinforces our position to meet the massive demand for sustainable battery solutions both in Europe and North America.”
Northvolt battery cells are currently designed and developed at Northvolt Labs in Västerås, Sweden, and Northvolt Cuberg in San Leandro, California, US.
Battery cell manufacturing is ramping up at Northvolt Ett gigafactory, in Skellefteå, Sweden, which will be joined by an adjacent giga-scale recycling plant, Revolt Ett, due to start operations later this year. Additional projects are under development in Sweden, Germany and Portugal.
Northvolt is a premium supplier of sustainable, high-quality battery cells and systems and it was founded in 2016.
The company has made swift progress on its mission to supply the world’s greenest lithium-ion battery with a minimal CO2 footprint and has grown to over 5,000 people from over 120 different countries.
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