Ashurst advised BlackRock on Investment in Northvolt AB
The funds will be used for expansion across Europe and North America
Ashurst has advised BlackRock Global Renewable Power Fund III on its investment into Northvolt AB, Europe's leading lithium-ion battery technology developer and manufacturer.
Based in Sweden, Northvolt has several lithium-ion battery giga factories across Europe and North America. It has closed a capital raising of $1.2 billion as an extension to the $1.1 billion convertible bond financing raised in 2022. With this, Northvolt has secured over $9 billion in equity and debt to deliver on over $55 billion in orders from key customers, including BMW, Fluence, Scania, Volvo Cars, and Volkswagen Group.
The Ashurst team was led by Corporate Transactions Partner Dallan Pitman, who was supported by Associate Florence Fry.
The team also comprised partners Neil Cuninghame (Competition), Jeffrey Johnson (Corporate), Sharon Kim (Tax), Paul Miller (Tax), Donald Slater (Regulatory), and Associates Joshua Cooke, Florence Chan, Aaron Robertson, Jessica Bracker, and Maëlle Lallemant.