Northvolt may prefer an IPO in Europe

The battery cell manufacturer could prefer Europe to the US for its planned IPO. According to a media report, Northvolt could go public in Stockholm in 2024 and aims for a value of around 20 billion US dollars.

Image: Northvolt

That is what the Financial Times has learned from insiders. However, according to the informants, the plans are preliminary and could still change, especially as market conditions remain volatile.

As recently as February, there were other insider reports that Northvolt planned to go public within twelve months. Even then, a possible valuation of 20 billion dollars was mentioned. However, it is unclear whether the IPO will take place in the first two months of next year or later in 2024.

As the Financial Times writes, the Swedish battery manufacturer is said to have invited several investment banks to formally apply for a stake in the IPO. According to the report, Rothschild & Co is advising on the IPO. Neither Northvolt nor Rothschild wanted to comment on this when asked by the FT.

According to the informants, it is indeed preparatory work at the moment. “They want to be ready to go, whenever the market conditions are right. They want everything in place,” one person is quoted saying by the newspaper.

Northvolt is backed by major investors such as Goldman Sachs Asset Management, Volkswagen BMW, Siemens and Blackstone. This year, the Swedes already raised convertible bonds worth 1.2 billion euros. To support the construction of the Northvolt Three battery factory in Schleswig-Holstein, Germany, the German government recently launched a €600 million government-backed bond.

In September, Northvolt began construction of the battery factory of the Novo joint venture (together with Volvo Cars) in Gothenburg. And the decision was made on the location of the Swedes’ first North American factory: It will be built near Montreal in the Canadian province of Quebec.

ft.com

0 Comments

about „Northvolt may prefer an IPO in Europe“

Leave a Reply

Your email address will not be published. Required fields are marked *