Battery maker Northvolt raises $600 million in private placement, reports Reuters

STOCKHOLM (Reuters) – Swedish lithium-ion battery maker Northvolt is raising $600 million in fresh equity through a private placement with Volkswagen VOWG_p.DE, Baillie Gifford, Goldman Sachs and Spotify founder Daniel Ek among the investors, it said on Tuesday.

Northvolt, which aims to take on major Asian players such as CATL and LG Chem and targets a 25% market share in Europe by 2030, said the deal would enable further investments in capacity expansion, research and development, and recycling.