Linklaters advises Goldman Sachs Asset Management in connection with Northvolt’s USD 1.1 billion convertible note to support European expansion of battery production

Linklaters has advised Goldman Sachs Asset Management in connection with its role as financial lead investor in Northvolt’s recent USD 1.1 billion convertible note to finance its expansion of battery cell and cathode material production in Europe, in support of the rapidly expanding demand for batteries. This follows on from the firm’s role advising Goldman Sachs Asset Management on the USD 1 billion equity capital raise executed in 2019, the USD 600 million equity capital raise executed in 2020 and the USD 2.75 billion equity capital raise in Northvolt executed in 2021.

Northvolt, which is a European supplier of sustainable, high-quality battery cells and systems, has made swift progress in its mission to deliver the world’s greenest lithium-ion battery with a minimal CO2 footprint. With this capital raise, Northvolt has since 2017 secured close to USD 8 billion in equity and debt to deliver on its plans to establish a supply of sustainable batteries to enable the decarbonisation of society.

Linklaters’ cross-border team was led by partner Rasmus Kindlund with managing associate Sophia Astberg and associate Donard Doka (all Private Equity, Stockholm), alongside partners Jeremy Gewirtz and Francesca Matthews (London) with managing associate Arani Chakrabarty (Paris), (all Energy & Infrastructure) and partner Joakim-Antoine Charvet (Tax, Luxembourg).