According to media reports, sources have revealed that a co-founder of the struggling Swedish battery manufacturer Northvolt is willing to invest 100 million kronor (approximately $9.5 million) in the group, with Swedish pension funds AMF and AP also likely to join in the funding.
Three informed sources disclosed last week that Northvolt is negotiating with investors and lenders to secure approximately 200 million euros ($217 million) in short-term financing to help stabilize the group's financial situation for the board and management.
Swedish media reported that Northvolt's co-founder Harald Mix is expected to invest 100 million kronor. The investment group Vargas, chaired by Mix, declined to comment.
In just a few months, Northvolt has transformed from one of Europe's most promising electric vehicle battery companies into a financially troubled enterprise.
Reports indicate that if other shareholders and lenders are willing to contribute, the Swedish private pension fund AMF and the state-owned AP fund may further invest in the company. Previously, both AMF and AP have invested in the battery manufacturer.
An AMF spokesperson told foreign media that the fund management company has not yet made any decisions regarding financing for Northvolt. An AP fund spokesperson stated that they are closely monitoring the situation and engaged in ongoing discussions.
Northvolt stated, "Overall, we are maintaining constructive dialogues with investors, lenders, and customers and are seeing progress." However, the company declined to provide further details. Northvolt previously indicated that it has made significant progress in fundraising over the past few weeks.
On October 16, informed sources revealed that Goldman Sachs' investment division, as the second-largest shareholder of Northvolt, is also considering participating in the rescue of the battery manufacturer. Goldman Sachs declined to comment on the matter.
