Northvolt has raised €1.2bn in convertible bonds from investors including the world’s largest money manager BlackRock, as Europe’s biggest homegrown battery maker plans to boost production to meet electric vehicle demand.
The debt issuance on Tuesday comes as the Swedish start-up prepares to raise more than $5bn in equity financing in the next few weeks ahead of a planned stock market listing in coming months, according to people familiar with its plans.
The green battery group, whose shareholders include Volkswagen, Goldman Sachs and BMW, needs billions of euros in capital to fulfil its plans to build or expand at least four gigafactories, including one due to be announced in the US or Canada in coming weeks.
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