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Start-up Northvolt has managed to raise the capital needed to fund Europe’s first gigafactory in Skellefteå in Sweden, a dream coming true for the co-founder Peter Carlsson, former Board member of SACC SF/SV.

Northvolt announced on Wednesday that Volkswagen Group, together with funds managed by the Merchant Banking Division of the Goldman Sachs Group, will lead the one billion USD equity fundraising alongside BMW Group, AMF, Folksam Group and IMAS Foundation. 

 “Today is not only a great milestone for Northvolt, it also marks a key moment for Europe that clearly shows that we are ready to compete in the coming wave of electrification and that we will do so using battery cells which carry the lowest CO2 footprint possible,” said Peter Carlsson.

The money raised will be used to build a Gigafactory in Skellefteå, that will be Sweden’s biggest industrial projects in decades.

At the same time, the company announces – in cooperation with the Volkswagen Group – plans to establish a second Gigafactory within Germany. 

Northvolt was founded in 2016 with the vision to deliver the world’s greenest lithium-ion battery and to build their factories in the north of Europe.

Peter Carlsson, the co-founder of Northvolt, was before the startup working as the CPO of Tesla in Palo Alto, and as a Board Member of Swedish-American Chamber of Commerce in San Francisco.

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