🏆 Deal of the Week · CW 46/2023
Northvolt raised USD 200 million in a Venture – Series Unknown round; the valuation was not disclosed. The round was led by Caisse de Depot et Placement du Quebec (CDPQ), the Canadian institutional investor, and was recognised as Deal of the Week for KW 46/2023.
Northvolt — key deal facts
| Company | Northvolt |
| Founded | 2016 |
| Headquarters | Stockholm, Sweden |
| Amount raised | USD 200M |
| Valuation | Valuation Remains Undisclosed |
| Round | Venture – Series Unknown |
| Investors | Caisse de Depot et Placement du Quebec (https://www.cdpq.com/fr) |
| Sectors | Clean Energy |
Who invested in Northvolt?
CDPQ committed the full USD 200 million, making it the sole disclosed investor in this transaction. The participation of a major Canadian pension fund manager in a Swedish battery manufacturer underscores the cross-border institutional appetite for clean energy infrastructure plays at scale.
What does Northvolt do?
Northvolt AB was a Swedish lithium-ion battery developer and manufacturer founded in 2016 and headquartered in Stockholm, Sweden. The company was established by Peter Carlsson and Paolo Cerruti, both former Tesla executives, with a focus on producing battery cells and complete battery systems for electric vehicles, heavy transport, mining, and stationary energy storage. Its flagship product was marketed as the greenest battery cell in the industry, targeting a carbon footprint roughly 90% lower than conventional cells produced with coal-based energy. Northvolt commissioned its first gigafactory in Skellefteå, Sweden, in 2021, targeting 16 GWh of annual output.
Northvolt valuation & multiples
No existing multiples analysis was provided for this transaction. Clean Energy sector peers are typically benchmarked on EV/Sales and EV/EBITDA ranges that vary materially by stage, revenue visibility, and capacity utilisation. Explore Venionaire DealMatrix's Clean Energy sector multiples pages for the relevant comparable ranges.
Frequently asked questions
How much did Northvolt raise in its Venture – Series Unknown?
Northvolt raised USD 200 million in a Venture – Series Unknown round, recognised as Deal of the Week for KW 46/2023.
What is Northvolt's valuation?
Northvolt's valuation was not disclosed in connection with this funding round.
Who invested in Northvolt?
Caisse de Depot et Placement du Quebec (CDPQ) was the sole disclosed investor, committing the full USD 200 million.
When was Northvolt founded and where is it based?
Northvolt was founded in 2016 and was headquartered in Stockholm, Sweden.
Source: original announcement — read the full report.