Swedish battery maker Northvolt AB has raised $1.2 billion in convertible debt from North American institutional investors and is reportedly in talks to set up a new battery factory in Canada, according to Bloomberg.
The funds come from investors including BlackRock Inc (NYSE:BLK) and the Canada Pension Plan Investment Board, as well as Ontario Municipal Employees Retirement System (OMERS) and Investment Management Corporation of Ontario.
In June, the media outlet reported that the company is nearing a deal to build a battery plant near Montreal, a project that’s expected to be worth about C$7 billion.
Northvolt has raised more than $9 billion in equity and debt during the past six years, while having received over $55 billion in orders from automotive clients including BMW, Volvo Cars and Volkswagen.
The company has previously stated it plans to eventually go public, with its valuation estimated at $20 billion, Reuters reported in February.
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