Mix, who owns a 7.2 per cent stake, said the undisclosed amount of fresh funding for the Swedish battery startup will help support Europe’s competitiveness in the electric-vehicle battery industry. (Bloomberg)
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Mix, who owns a 7.2 per cent stake, said the undisclosed amount of fresh funding for the Swedish battery startup will help support Europe’s competitiveness in the electric-vehicle battery industry. (Bloomberg)
Talking point: The new funding could be a bridge as Northvolt continues the next phases of its strategic review, which has already resulted in several rounds of cost cutting. Northvolt’s future is in focus in Canada as it decides the fate of its $7-billion Quebec factory amid dwindling financial reserves. The Caisse de dépôt et placement du Québec has invested $200 million in Northvolt and the Investment Management Corporation of Ontario has backed the firm with US$400 million, while OMERS and CPP Investments are also on its cap table. But the company’s largest shareholders, such as Mix, Volkswagen, BMW and Goldman Sachs, will decide the company’s fate. Northvolt creditors are expected to meet on Friday.
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