Northvolt’s USD 600 Million Equity Capital Raise

Northvolt's USD 600 Million Equity Capital Raise

Roschier represented Volkswagen, while Hammarskiöld has acted as acted legal adviser to Scania. Setterwalls advised Baillie Gifford in connection with its investment in Northvolt as part of a private placement by the company.

Swedish battery manufacturer Northvolt has raised USD 600 million from several new and existing institutional investors in an equity capital raise to support development of production capacity, expansion of Northvolt Labs Campus and a full-scale recycling facility.

Existing shareholders Volkswagen AG and Goldman Sachs Merchant Banking Division, among others, participated in the financing round alongside new institutional investors Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Norrsken VC and PCS Holding and private investors Christina Stenbeck and Daniel EK.

The proceeds from the USD 600 million capital raise will enable Northvolt to make further investments in three key areas: Increasing production capacity of battery cells and systems to support the goal of establishing 150 GWh of manufacturing output in Europe by 2030, expanding the Northvolt Labs Campus, where the company’s R&D activities take place and establishing a giga-scale lithium-ion battery recycling facility next to the Northvolt Ett gigafactory.

The facility will become the largest in the world with an initial capacity of 4 GWh, and the only large-scale facility in Europe capable of recycling lithium in addition to cobalt, nickel, manganese and other metals.

Northvolt is a European supplier of sustainable, high-quality battery cells and systems. Founded in 2016 to enable the European transition to a decarbonized future, the company has made swift progress on its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint and the highest ambitions for recycling.

The Roschier team comprised Markus Olsson (Picture), Axel Bonning and Philip Wahlgren.

The Hammarskiöld team included Peder Hammarskiöld and Erik Fahlgren.

The Setterwalls team included Anders Söderlind, Willy Edholm Fjellstad, Olof Forslund and Stephan Chaanine.
Involved fees earner: Erik Fahlgren – Hammarskiöld & Co.; Peder Hammarskiöld – Hammarskiöld & Co.; Axel Bonning – Roschier; Markus Olsson – Roschier; Philip Wahlgren – Roschier; Stephan Chaanine – Setterwalls; Willy Edholm Fjellstad – Setterwalls; Olof Forslund – Setterwalls; Anders Söderlind – Setterwalls;

Law Firms: Hammarskiöld & Co.; Roschier; Setterwalls;

Clients: Baillie Gifford & Co; Scania AB; Volkswagen;

Author: Ambrogio Visconti