Swedish start-up Northvolt is in talks to secure more than $5bn of financing to pursue its goal of becoming Europe’s biggest battery manufacturer.
The company is negotiating with a number of banks to raise the debt financing and an agreement could be reached later this year, according to people with knowledge of the details. Northvolt declined to comment.
Northvolt was founded in 2017 and has become the main European challenger to the big Asian producers that dominate the industry such as CATL of China and South Korea’s LG.
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