Funding and M&A Roundup: Battery Manufacturer Northvolt Secures $5 Billion Loan

Battery startup IBC raises $35 million to fund factory in Bengaluru

January 24, 2024


From: Mercom Capital Group

Northvolt, a Sweden-based manufacturer of lithium-ion batteries, announced the signing of a $5 billion non-recourse project financing to expand its battery gigafactory, Northvolt Ett, in northern Sweden. The new debt financing package, which is said to be the largest green loan raised in Europe to date, includes refinancing of the $1.6 billion debt package that Northvolt raised in July 2020 and is backed by long-term offtake contracts with partners, such as BMW, Scania, Volvo Cars and Volkswagen Group, amounting to over $55 billion.

International Battery Company, a lithium-ion battery startup, raised $35 million (₹2.91 billion) in a pre-series A round led by RTP Global, a venture capital firm based in Bengaluru, and other Korean and U.S. investors. Singapore-based Beenext and Veda VC, an early-stage venture capital fund, also contributed to the investment.

European Energy, a renewable energy project developer, has signed an investment agreement with Mitsubishi HC Capital. Mitsubishi HC Capital will subscribe to around 72 million ordinary new shares and purchase, in the aggregate, around 3 million ordinary shares from the three major shareholders in European Energy controlled by Knud Erik Andersen, Mikael D. Pedersen, and Jens-Peter Zink. As a result, Mitsubishi HC Capital will hold 20% of the outstanding shares and voting rights in European Energy at the closing of the transaction.

Eddy Grid, an energy storage startup, secured €1.5 million (~$1.63 million) in a funding round led by the Graduate Entrepreneur fund, Herberth Samsom, alongside Rockstart’s Energy Fund and Volve Capital. Many angel investors also joined the round, including Jan Saan of, Thijs Verheul and Sjuul Berden of United Wardrobe, and Bastiaan van de Rakt of WhyCommitCapital. The capital will be utilized to expedite the company’s growth. The team aims to expand its offerings to serve customers more broadly and accelerate the rollout of collaborations.

Tandem PV, a developer of perovskite solar technology, raised $6 million in a funding round led by existing investor Planetary Technologies. Other institutional investors participated, including new investor Uncorrelated Ventures and Tom Werner, former chairman, president, and CEO of SunPower Corporation. The company plans to use the funds to advance research and development and plans to build its first manufacturing facility.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.