(Bloomberg) — Northvolt AB plans to list in Sweden next year, after the battery maker previously advised that an initial public offering could happen in 2024, according to a person familiar with the matter.
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The Swedish automaker, founded by two former Tesla Inc. managers, is seen as central to European efforts to establish an electric vehicle supply chain that could rival Asia and the United States. The IPO would mark the next financial milestone for the company, which has raised more than $13 billion in debt and equity.
“For companies of this scale, it is natural that sooner or later they will want access to investors available in the public market,” said a Northvolt spokesperson. “We continue to see great interest from private investors, so there is no rush. We haven’t decided on any date yet.”
In 2022, Northvolt’s then-chairman Carl-Erik Lagercrantz told Bloomberg that a listing would be feasible within two years. The Financial Times reported in October that a bid could come as early as 2024.
Due to the challenging IPO market and a series of operational hurdles, the company has delayed the listing until 2025, said the person, who asked not to be identified because they are not authorized to speak publicly on the matter.
Northvolt has struggled to increase production at its facility in Skelleftea, Sweden, and in January had to halt construction of a factory in Canada after a conservation group requested a detailed environmental analysis of the factory.
Earlier this year, Northvolt raised $5 billion in non-recourse project financing to expand the Skelleftea facility. The deal was structured using purchase agreements worth more than $55 billion from financiers including Volkswagen AG and BMW AG. In March, Northvolt began construction on a battery factory in Germany.
(Updates with company comment in third paragraph.)
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