Nordic pension firms and GSAM, Baillie Gifford invest in battery comet

A series of pension funds and asset managers have invested USD 2.75bn in Sweden's Northvolt, which makes batteries for electric vehicles.

(left-right) AP2 CEO Eva Halvarsson, AMF Head of Asset Management Tomas Flodén, AP4 CEO Niklas Ekvall, AP1 CEO Kristin MAgnusson Bernard, AP3 CEO Kerstin Hessius and ATP CEO Bo Foged. | Photo: PR

As electric vehicles take to European roads, batteries are needed – and lots of them.

To meet this demand, battery producer Northvolt is now scaling up its first factory, Northvolt Ett in Skellefteå, Sweden, to 60 GWh per year. To finance the expansion, Northvolt has raised an additional USD 2.75bn coming from domestic state pension funds AP1, AP2, AP3 and AP4 through its joint investment company 4 to 1 Investments.

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