Swedish battery maker Northvolt is seeking to secure short-term funding to stabilize its finances, with co-founder Harald Mix reportedly prepared to inject 100 million crowns ($9.50 million) into the company, according to Swedish broadcaster SVT.
This follows earlier reports that Northvolt is in discussions with investors and lenders to raise around 200 million euros ($217 million).
Pension funds AMF and the AP Funds, both of which have previously invested in Northvolt, may also contribute more funds, contingent on additional support from other shareholders and lenders.
While AMF has yet to make a decision, a spokesperson for the AP Funds said they are monitoring the situation closely and are engaged in ongoing discussions.
Northvolt has transitioned from being viewed as Europe’s leading electric vehicle battery maker to facing financial challenges. The company, which is backed by investors such as Goldman Sachs, has been in active talks to raise the necessary funds to support its operations.
Northvolt has stated it is making progress in its fundraising efforts, though it declined to provide further details.
Source: Reuters
