Battery maker Northvolt in talks for over $5 billion in financing -FT

The Financial Times reported on Sunday that Swedish lithium-ion battery producer Northvolt is negotiating to secure more than$ 5 billion in funding to further its ambition of becoming the largest battery manufacturer in Europe.

According to the FT, who cited sources with knowledge of the situation, the company is in talks with several banks to raise the money, and a deal may be reached later this summer.

In order to finance its shop investments, Northvolt has so far raised trillions through the issuance of bills, including$ 1.1 billion in convertible information last year that have aided in increasing production at its factory in Skelleftea, Sweden.

According to a Reuters report from last month, Northvolt is considering hiring banks for an initial public offering( IPO ) in Europe or New York that could fetch the company more than$ 20 billion.

Northvolt opted not to say anything.

( Reporting from Bengaluru by Aarati Krishna, with editing by Elaine Hardcastle and Edwina Gibbs )

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