IKEA is in final talks to invest with battery manufacturer Northvolt, which was founded by Tesla executive Peter Carlsson, Reuters reports.
“This project is very, very interesting and entirely in line with the sustainability investments that we make for the future,” Daniela Rogosic at IKEA's holding company Ingka Group, said about the possible investment.
A popular venture
Northvolt has been at the receiving end of more than one piece of positive news lately: this Monday it was confirmed that the battery manufacturer signed a supply deal with Volkswagen truckmaker Scania, to secure battery supply.
“There will be a shortage of batteries for the automotive sector globally in the coming five to six years because there’s simply not enough capacity. So the more capacity we can get our hands on, the better we feel,” Scania’s CEO Henrik Henriksson commented about the deal.
Tuesday saw Volkswagen also choosing Northwolt to build a battery-cell factory in Germany. One day later Ikea was in talks to invest with the battery manufacturer as well.
According to reports, the furniture retail giant will be looking to invest “in the battery startup’s fundraising for a factory,” in which Northvolt hopes to bring in a total of 1.5 billion euros.
Northwolt is certainly well on its way when it comes to its pursuits to raise funds. Not only has Scania invested, with Volkswagen looking to also make an equity investment, a 350 million euro loan was secured from the European Investment bank (EIB) in September.
The European Investment bank
EIB is the worlds single largest non-profit multilateral lending institution, with an “annual funding programme for 2019 is EUR 50 billion.”
“The EIB’s approval is one really key piece of the puzzle in putting together that full funding,” Northvolt co-founder Carlsson said at the time.
IKEA: holding companies and foundations
The IKEA group in talks with Nortvolt about the investment is Stichting IMAS Foundation, under which you find holding company Ingka Group, amongst others.
Ingka Group’s spokeswoman Rogosic finalised her commentary on the possible investment, by emphasising that “they are still in the final phase of the dialogue.”
We believe that information should be free and will therefore never put up a paywall.
If you like reading our reports about the Scandinavian business scene and would like to donate towards the upkeep of the site, we would be very grateful. Click here to donate.
Business | 🕐 08. May. 2020
Business | 🕐 01. May. 2020
Business | 🕐 07. May. 2020
Culture | 🕐 14. Mar. 2019
Tech | 🕐 02. Dec. 2019
Tech | 🕐 22. Nov. 2019
Startups | 🕐 25. Nov. 2019
Startups | 🕐 14. Nov. 2019
Startups | 🕐 21. Nov. 2019