Northvolt raises USD 2.75bn, ups capacity by 20 GWh

A series of pension funds have invested USD 2.75bn in Northvolt. The new funds will be used to scale up the factory in Skellefteå, Sweden, to 60 GWh.

Factory Northvolt Ett in Skellefteå, Sweden, will not produce batteries until later this year. But it's already been up-scaled to 60 GWh. | Photo: PR / Northvolt

As electric vehicles take to European roads, batteries are needed. And lots of them.

To meet this demand, battery producer Northvolt now scales up its first factory, Northvolt Ett in Skellefteå, Sweden, to 60 GWh per year. To finance the expansion, Northvolt has raised an additional USD 2.75bn coming from domestic pension funds AP1, AP2, AP3 and AP4.

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