Recent work | September 30, 2020
Roschier represented Volkswagen in Northvolt’s USD 600 million equity capital raise
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. Roschier acted as advisor to Volkswagen.
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.
- 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.
Roschier’s advisory team comprised Markus Olsson, Axel Bonning and Philip Wahlgren.