The Swedish EV battery maker said the funding, an extension of a US$1.1-billion convertible note signed last year, is led by the Investment Management Corporation of Ontario, Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System and BlackRock. The total funding of US$2.3 billion, which also includes backers like Volkswagen, will finance its European and North American expansions. (The Logic)

Talking point: The funding that includes Canadian pension giants comes after The Logic reported in April that Northvolt was considering Canada for a new gigafactory. La Presse has since reported that Northvolt estimated it would get about $9 billion in U.S. incentives to build the plant and would expect similar subsidies to move forward with a site it’s considering near Montreal. The federal government, meanwhile, has previously tried to entice pension plans to invest in cleantech. Northvolt CFO Alexander Hartman said in a press release on Tuesday that despite finding a group of committed, EV-savvy investors, “there is a long road ahead if Europe and North America are to reach their full potential” and “both the private and public sector need to mobilize resources.”