Olympia Group participates in Northvolt’s $1.1 billion funding round

The Olympia Group, together with leading international investors such as, among others, Baillie Gifford, Goldman Sachs Asset Management and Volkswagen Group, is participating in a financing round – through a loan convertible into shares, which loan will be used to support the expansion of Northvolt in the production of lithium battery cells and cathode materials in Europe. With this funding, Northvolt will have since 2017 secured a total of nearly $8 billion, coming from both equity and financing, to implement its business plan. The aim is to supply sustainable batteries that will gradually lead to the transition to electrification and a zero-carbon society.

Since its founding six years ago, Northvolt has signed sales contracts with leading companies, including BMW, Fluence, Scania, Volkswagen Group and Volvo Cars, totaling more than $55 billion. The company produced its first battery at its Gigafactory Ett operating in Sweden shortly before New Year’s Eve 2021 and made the first delivery of goods in the spring of 2022.

The Olympia Group owns Sunlight Group Energy Storage Systems, one of the world’s leading companies in the production of industrial lead-acid and lithium-ion batteries, as well as energy storage systems, which has been supplying international markets with innovative products for more than 30 years. Through this investment, Olympia Group attempts to promote wider cooperation between companies belonging to the same market and strengthen their competitive advantage internationally, always based on its vision to support the formation of a supply chain of lithium batteries and energy storage systems in Europe, helping to accelerate the European transition to green energy.