June 12, 2019 / 11:37 AM / 15 days ago

Sweden's Northvolt completes capital raising for giant battery plant

STOCKHOLM, June 12 (Reuters) - Swedish start-up Northvolt said on Wednesday it had completed its equity capital raising aimed at funding its plans to build Europe’s biggest lithium-ion battery plant.

Northvolt said in a statement Germany’s Volkswagen Group and investment bank Goldman Sachs led the $1 billion equity capital raise that included automaker BMW Group and Swedish pension fund firms AMF and Folksam.

“With the European Investment Bank and additional lenders set to provide debt financing as a part of the total funding, the establishment of the initial 16 GWh of lithium-ion battery cell manufacturing capacity at the gigafactory, Northvolt Ett, in Sweden is enabled,” the company said.

“Building construction will commence in August.” (Reporting by Niklas Pollard and Johannes Hellstrom)

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