Baillie Gifford's investment into battery cell supplier Northvolt has become its European Growth Trust's first foray into unlisted stocks, manager Stephen Paice has revealed.
The Edinburgh-based firm was unveiled as one of five new backers of the Swedish firm, which raised $600m to enable it to invest further in capacity expansion, research & development and recycling. Other new shareholders include Yorkshire-based Bridford Investments and New York-headquartered Baron Capital. Existing investors taking part in the raise include Goldman Sachs Merchant Banking Division and Scania. Northvolt said the fundraise would helpboost its R&D activities, aimed at supporting its target of establishing 150 GWh of manufacturing capacity in Europe by 2030. Baillie Gi...
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