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Energy Storage

Northvolt raises $1.2 billion for expansion

by Alex Scott
August 26, 2023 | A version of this story appeared in Volume 101, Issue 28
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The Swedish lithium-ion battery maker Northvolt has raised $1.2 billion from a raft of financial investors to fund the expansion of its business in Europe and North America. The investors include BlackRock and the Canada Pension Plan Investment Board. The funds come as Northvolt assembles its first battery systems for stationary energy storage at a new plant in Gdańsk, Poland. The firm also has plans to expand its manufacturing footprint into additional countries–Germany, Portugal, and Sweden.

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