IMCO to invest $400m in Northvolt

The Investment Management Corporation of Ontario (IMCO) is to invest $400 million in sustainable battery cell manufacturer Northvolt.

The funds will enable Northvolt's “planned expansion, aligned with IMCO and the company's commitment to a deeply sustainable battery supply chain”, a statement said.

Northvolt's first gigafactory, located in northern Sweden, has begun producing batteries for energy storage systems and electric vehicles using fossil-free electricity. 

Future gigafactory additions will support Northvolt's goal of delivering 150 GWh of annual production capacity by 2030. 

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