Northvolt, the Swedish lithium-ion battery producer that counts BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) among its investors, is close to hiring banks for an initial public offering (IPO) that could value the company at more than $20 billion, four sources close to the matter told Reuters.
The company, which last raised funding from investors at a valuation of $12 billion in 2021, is expected to tap Goldman Sachs Group (GS.N) and Morgan Stanley (MS.N) to lead a stock market launch, the sources said.
Northvolt is discussing listing its shares in Europe or New York within the next 12 months, the sources said, cautioning that the plans are tentative and subject to change.
The sources requested anonymity to discuss details of the IPO preparations.
Northvolt has raised about $8 billion in debt and equity to date from a wide range of investors, including Baillie Gifford and Folksam Group.
“We will need more capital going forward, and we see it as natural to be prepared for an initial public offering in the future, but such a transaction is not relevant today in current markets,” a Northvolt spokesperson said.
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