NorthVolt AB, the Swedish battery factory developer founded by a former Tesla Inc executive, is planning to close its first major fundraising round this autumn, potentially drawing in 100 million euros (US$118 million).
It is a “partnership round” where the company is tapping its potential customers, such as carmakers, energy storage firms and industrial concerns, CEO Peter Carlsson said.
NorthVolt has previously raised about US$14 million. Its investors include Sweden’s largest utility Vattenfall AB, which contributed 5 million kronor (US$610,000).
“Coming out of this partnership round and going into a larger financing round next, we see that it will look favorable to the financial market that we have a number of customers that have already shown commitment by investing in us,” Carlsson said in a phone interview.
NorthVolt is aiming to build a 32 gigawatt-hour factory that is expected to cost 4 billion euros. This would rival Tesla’s Gigafactory in size, if they can pull it off. It is expected to be fully operational in about six years.
The company plans to break ground on the first phase of its factory in the second half of next year and begin a pre-production line a year later. Carlsson is anticipating to deliver his first battery cells in late 2020.
NorthVolt has narrowed its search for a site for its project down to two in Sweden. It is to choose between Vasteras near Stockholm and Skelleftea in the north, Carlsson said.
The next round will aim to raise 1.2 billion to 1.4 billion euros, which NorthVolt would need to fund the first phase. It is planning to build a facility with a production of 8 gigawatt-hours per year, or about 400 million battery cells.
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