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Supercharged Equity Financing
Goldman Sachs made it possible for two former Tesla executives to build the first homegrown European gigafactory for battery cells.
The world needs more batteries as global manufacturers ramp up electric vehicle production. Goldman Sachs stepped in to assist the Swedish battery manufacturer, Northvolt AB, with their bid to build a new factory in Europe. Their need was clear. European automakers were dependent on Asia for batteries – but that was about to change.
Investors provided $1 billion in equity financing to support the construction of the battery factory. Goldman brokered a deal with Volkswagen and other co-investors. Northvolt also raised over $1.5 billion of project debt in advance of building a 50/50 joint venture battery factory with Volkswagen to support the automaker in Germany. Northvolt’s aim: to produce the world’s greenest batteries.