Spotify’s CEO and Goldman Sachs have both invested in this high-tech Tesla rival:
Spotify SPOT, +2.55% co-founder and Chief Executive Daniel Ek is among a group of investors, including Goldman Sachs and Volkswagen, that are backing a high-tech battery company founded by two former Tesla executives.
The company brought in seven new investors in the latest funding round, including Ek and Swedish entrepreneur Cristina Stenbeck. Baillie Gifford, a Scottish asset manager that is one of Tesla’s TSLA, -0.50% largest independent shareholders, is another new backer.Four existing shareholders, including Goldman Sachs’ merchant banking division and Volkswagen VOW, -0.13%, joined the equity raise.
The planned battery recycling facility in northern Sweden will be built next to Northvolt’s existing factory in Skellefteå. Northvolt is also expanding its R&D campus, in anticipation of the company doubling in size in terms of investment and footprint over the coming years. Founded in 2016 by former Tesla executives Carlsson and Paolo Cerruti, Northvolt’s founding mission is to enable the European transition to green energy. A competitor to Tesla, part of its focus is on batteries to be used in the next generation of electric vehicles. It has partnered with automotive makers BMW BMW, +0.43%, Volkswagen, and Scania.
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