Freyr’s competitor plans to go public |

Freyr’s competitor plans to go public |

Swedish battery manufacturer Northvolt is considering a listing on the Stockholm Stock Exchange. It was reported by the Financial Times, citing sources.

According to the source, the company has already made contact with investment banks, but confirms that the plans are preliminary and subject to change, especially in light of volatile market conditions.

A potential IPO appears possible as early as next year, with the company’s estimated value at around $20 billion.

“They want to be ready to go to market when conditions are right. They want everything in place,” said a person familiar with the proposed list.

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It has raised SEK83 billion in venture capital to date, and in late March, it was reported to be in discussions about raising an additional $5 billion.

This means that the company has raised more shares than any other unlisted startup in Europe.

Founded in 2016, Northvolt now has about 4,500 employees, and its largest shareholders include investment bank Goldman Sachs and German car manufacturer Volkswagen.

Northvolt needs financing for four planned mega plants as well as several battery recycling and other facilities in both Europe and North America.

It plans to start building a factory outside Montreal, Canada, during the current year, with the aim of starting production in 2026. The cost of this factory is estimated at more than $5 billion.

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Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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