Northvolt eyes US$20bn Stockholm IPO.
Swedish battery manufacturer Northvolt plans to list its shares in Stockholm, eyeing a valuation of around US$20 billion, according to the Financial Times.
Investment banks have been invited to pitch for roles in the initial public offering (IPO), with Rothschild advising on the process.
Founded by former Tesla executives in 2017, the company could go public as early as next year, although plans remain preliminary.
🔥 What about we co-host a webinar? Let's educate, captivate, and convert the battery economy!
Batteries News is the global go-to online magazine for the battery industry, we can help you host impactful webinars that become a global reference on your topic and are an evergreen source of leads. Click here to request more details
Andreas Pettersson Rohman, Northvolt’s head of corporate finance, indicated that the company has been preparing for over a year, the paper said.
Northvolt has received significant financial backing from investors such as Goldman Sachs (NYSE:GS) Asset Management and Volkswagen.
It raised €1.2 billion in convertible bonds from investors, including BlackRock, earlier this year.
An announcement of more than US$5 billion in debt financing is expected soon.
These funds will support the construction of four gigafactories, battery recycling facilities, and other plants in Europe and North America, the FT article said.
A factory near Montreal, Canada, is set to begin construction this year, targeting production commencement in 2026, it added.
READ the latest Batteries News shaping the battery market
Northvolt eyes US$20bn Stockholm IPO. source