The manager The Investment Management Corporation of Ontario’s (IMCO) investment is made in the form of convertible loans that can be converted into shares if certain conditions are met. The money is pushed at the same time as Northvolt goes ahead with its plans to build a factory in Germany.
— This investment furthers our expansion plans, says Alexander Hartman, finance director at Northvolt to the newspaper.
The investment is the largest that IMCO has made so far in Europe and it comes after Northvolt started a campaign to raise around five billion dollars in new capital last spring.
Since Northvolt was founded in 2017, the company has raised a total of eight billion dollars in bonds and shares, according to the Financial Times.
The information comes after Dagens Nyheter reported last week that Northvolt is postponing the start of production at the battery factory in Borlänge for at least two years.