Exclusive-Northvolt in talks for about 200 million euros in funding - sources
· CNA · JoinLONDON/FRANKFURT/STOCKHOLM : Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in funding, three sources familiar with the matter said, as the cash-strapped Swedish battery maker seeks to stabilise its short-term finances.
The talks have been taking place this week as the company seeks short-term financing while it still aims to raise a larger amount of capital, one of the sources said. The sources declined to be identified because the matter is confidential.
On Friday, the company repeated a statement from Sept. 24 that said the company had made significant progress in recent weeks in its effort to raise cash. It declined to comment further.
Late on Thursday, the company said it will be able to pay its taxes of 287 million Swedish crowns ($27.59 million) that fall due on Monday, responding to speculation as to whether the struggling company would be able to do so.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app