Northvolt raises $1.2bln as first energy storage systems are produced
Northvolt has assembled its first battery systems at Northvolt Dwa, Poland, as the company raises funds for its European and North American expansion.
The funding is an extension of the $1.1bln note signed in July 2022, and has apparently attracted investment from dark green labelled funds in accordance with Article 9 of the EU's Sustainable Finance Disclosure Regulation.
The investment leaders are the Investment Management Corporation of Ontario, BlackRock, the Canada Pension Plan Investment Board and long-term partner OMERs.
Northvolt Dwa has also made its first energy storage system in Gdansk, Poland. It has produced battery systems at a small-scale facility in Gdansk since 2019 and built a new 25,000m2 plant to assemble the cells into battery systems.
As final validation of production lines occurs, deliveries are expected to start later in the year.
