The Stockholm-based battery startup said the financing will go toward expanding both its northern Sweden gigafactory and its adjacent battery-recycling facility. Bank of Montreal was among the 23 commercial banks in the financing round, which also included refinancing of a US$1.6-billion debt package announced in July 2020. (The Logic)

Talking point: Canadian financiers are already deeply invested in the startup. The money follows a slew of other recent investments in Northvolt from automakers like Volkswagen as well as institutional investors like Caisse de dépôt et placement du Québec, Investment Management Corporation of Ontario, Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, as well as incentives from the federal and Quebec governments. Northvolt is in the process of building a Quebec battery factory. In October, a report said the firm was pursuing an IPO as soon as this year, at a valuation of US$20 billion.