Swedish battery maker Northvolt is close to preparing a stock exchange listing and could be valued at over $20 billion, according to a report.
Reuters cited four insiders familiar with the plans, saying that the battery cell maker is close to engaging investment banks for a listing in New York or in Europe.
Northvolt has reportedly raised about $8 billion in debt and equity from a wide range of investors, including Baillie Gifford and Folksam Group.
Northvolt spokesperson Anders Thor declined to comment but referred to a previous statement it is sticking to: “We will need more capital going forward, and we see it as natural to be prepared for an initial public offering in the future, but such a transaction is not relevant today in current markets.”
Company chairman Carl-Erik Lagercrantz told Autonews last year that a listing during the next two years was a “reasonable” expectation even though the company had “no need from a funding perspective.”
Image courtesy of Northvolt