Swedish lithium-ion (Li-ion) battery start-up Northvolt has raised a further $600m in a private placement led by asset manager Baillie Gifford, Goldman Sachs and carmaker Volkswagen (VW), aimed at financing further investments for the expansion of its production and recycling capacity.

Northvolt aims to establish 150GWh of manufacturing capacity in Europe by 2030, and is well underway to build its first gigawatt battery cell factory in Sweden, dubbed Northvolt Ett.