Swedish battery developer and manufacturer Northvolt raises $1.2 billion

Swedish battery maker Northvolt AB has raised $1.2 billion as it negotiates a new plant in Canada.

Northvolt intends to finance the expansion of its production facilities in Europe and North America.

Over the past six years, the battery maker has raised more than $9 billion in equity and debt, and more than $55 billion in orders from automotive customers including BMW, Volvo Cars and Volkswagen. The company has said it plans to eventually go public.

In June, Bloomberg reported that Northvolt was close to a deal to build a battery plant near Montreal, a project expected to cost around $5.2 billion. Earlier this year, the company also confirmed it was moving forward with a plant in Germany. after Berlin pledged around €1 billion in aid.