Swedish battery manufacturer Northvolt is getting fresh money to expand its factory network in Europe.

The manufacturer of lithium-ion batteries for electric cars and energy storage announced on Tuesday that $1.1 billion had been raised in the form of convertible bonds.

The largest shareholder of the start-up is the Wolfsburg car manufacturer Volkswagen, which was also involved this time.

Additional capital came from AMF, Ava Investors, Baillie Gifford, Folksam Group, PCS Holding, Swedbank Robur and TM Capital.

Since its inception in 2016, Northvolt has raised approximately $8 billion in equity and debt capital.

Last year, the company raised $2.75 billion and was valued at nearly $12 billion during the round.

At the end of last year, Northvolt opened its first mega factory in Sweden, making it the first European supplier to develop and produce a battery cell.

Customers include BMW, Scania, Volkswagen and Volvo.

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