Sweden’s Northvolt, whose customers include BMW and Volkswagen Group, is planning to go public within the next two years as battery demand for electric vehicles booms.
The company is “well positioned” for an initial public offering, founder and Chairman Carl-Erik Lagercrantz said in an interview.
The venture, which has been valued at around $12 billion after raising about $6.5 billion through debt and equity, is part of a trio of green technology startups spearheaded by Lagercrantz and private equity veteran Harald Mix.
“We have commitments in relation to deliveries from our customers -- that plays a major role in a market that is more difficult,” Lagercrantz said. A listing during the next two years is a “reasonable” expectation even as the company has “no need from a funding perspective.”