Daniel Ek, the founder and chief executive of Spotify, has invested in Swedish battery firm Northvolt, which is building a Gigafactory in the Arctic Circle.
Daniel Ek, the founder and chief executive of Spotify, has invested in Swedish battery firm Northvolt.
Stockholm-headquartered Northvolt announced Tuesday that it has raised $600 million in equity funding from Ek, Swedish businesswoman Cristina Stenbeck, and institutional investors like Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Norrsken VC and PCS Holding. Current Northvolt shareholders Goldman Sachs Merchant Banking Division, IMAS Foundation, Scania and Volkswagen have also participated in the funding round. of his own wealth into "moonshot" bets in Europe.
Founded in 2016, Northvolt is aiming to develop the world's greenest lithium-ion battery. The company, set up by two former Tesla executives, sees its batteries being used to power new electric cars built by some of Europe's biggest automotive manufacturers.
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