The convertible note is a debt instrument that can convert to equity on pre-agreed terms. Northvolt raised a comparatively larger, US$1.1 billion one this time last year, talking of “cautious capital markets” in comments provided to Energy-Storage.news.
Northvolt is building numerous lithium-ion battery production facilities, including cell production, cathode production, recycling and an energy storage system (ESS) assembly facility. The company completed construction on the latter, in Poland, earlier this year, and started shipping its first battery cells from Sweden last year.
The company is targeting mainly the EV market as well as the ESS space, and has also been developing more niche solutions like large EVs (trucks etc) as well as aviation battery systems......gffa....