Northvolt to Complete $300 Million Funding Round and Rescue Package as Volvo Takes Over Joint Venture

Swedish battery maker Northvolt is expected to complete a funding round of approximately $300 million next week, as it works to stabilize its finances. This move is seen as a vote of confidence for the cash-strapped company, which is also working to seal up a rescue package. Meanwhile, Volvo is taking over a joint venture with Northvolt, as Northvolt has decided not to contribute further capital into the Novo Energy joint venture at this time. Volvo Cars is seeking to oust Northvolt from the EV battery joint venture.