4 to 1 Investments KB, a company owned jointly by the Swedish National Pension (AP) Funds (AP1, AP2, AP3, AP4), is investing USD 400 million in Northvolt by participating in $2.75 billion private placement.
Northvolt is planning for large-scale manufacture in Europe of lithium-ion batteries for electric vehicles, and has entered into partnerships with Volkswagen, BMW, Scania and others. Among other things, the new share issue enables completion of the company’s first battery production plant in Skellefteå, northern Sweden. Northvolt was founded in 2016 and currently has approximately 1,700 employees.
Kristin Magnusson Bernard, CEO of AP1, Eva Halvarsson, CEO of AP2, Kerstin Hessius, CEO of AP3 and Niklas Ekvall, CEO of AP4, have jointly issued the following statement:
“The AP Funds are jointly financing an important long-term industrial project in Sweden. The investment is fully in line with the AP Funds’ long-term strategy of investing in companies that we deem to have good future financial prospects. With the AP Funds’ long-term remit and Northvolt’s important role as a transformative force in the global climate transition, we believe this investment will make a positive contribution both to the pension system and to society at large. We are making the investment in the jointly owned AP Fund company, 4 to 1 Investments.”
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