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NorthVolt starts biggest fundraising for USD 4 billion battery plan

The Swedish battery factory developer founded by a former Tesla executive plans to soon close its first major round of fundraising. NorthVolt has previously raised about USD 14 million and its investors include Sweden's largest utility Vattenfall.

NorthVolt AB, the Swedish battery factory developer founded by a former Tesla Inc. executive, is planning to close its first major fundraising round this autumn, potentially drawing in EUR 100 million (USD118 million).

It's a "partnership round" where the company is tapping its potential customers, such as carmakers, energy storage firms and industrial concerns, according to Chief Executive Officer Peter Carlsson. NorthVolt has previously raised about USD 14 million. Its investors include Sweden's largest utility Vattenfall AB, which contributed 5 million kronor (USD 610,000).

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