One of Canada’s largest pension groups has invested $400mn into Northvolt, as the Swedish battery start-up pushes ahead with plans to build an additional factory in Germany.
The Investment Management Corporation of Ontario — which has about $73bn invested and pools pensions from the region’s public sector — has bought convertible loan notes in the battery group, it said on Tuesday.
Northvolt, founded in 2017, is Europe’s largest homegrown battery maker, and its expansion is core to the region’s aim to avoid ceding battery leadership to Asian rivals, particularly China.
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