Northvolt was founded in 2016 by Paolo Cerrruti and Peter Carlson. In a discussion with the Financial Times in October 2023, Northvolt’s Head of Corporate Finance Andreas Rohman said, “We have worked for more than a year to get all processes and internal controls in place and then it will be up to the market to judge. Let’s see how the market looks in the next year or two” regarding a future IPO. While they are rumored to go public, the company has not officially endorsed a plan to participate in an IPO.
Northvolt is an electric battery developer that produces lithium-ion batteries for vehicles. Per Forge Data, Northvolt has raised a total of $8.8 billion in funding over 13 rounds, with its latest funding raised on Nov 16, 2023. Key investors include Goldman Sachs Merchant Banking Division, European Investment Bank, and Volkswagen Group.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.