According to CNBC, the company said on a statement that the fresh funding will be used for the "expansion of battery cell and cathode material production in Europe to support the rapidly expanding demand for batteries."
Northvolt Ett, the company's first gigafactory began the first deliveries to European customers, and the Swedish battery maker claims that it has 55 billion dollars-worth of orders from carmakers such as Volvo, BMW and Volkswagen.
Peter Carlsson, Northvolt’s CEO and co-founder, said that "the combination of political decision making, customers committing even more firmly to the transition to electric vehicles, and a very rapid rise in consumer demand for cleaner products, has created a perfect storm for electrification."
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