Volvo-backed EV Battery Maker Northvolt, Founded by Former Tesla Execs, Raises Another $1.1 Billion to Help Fund its Expansion

​Sweden-based electric vehicle battery manufacturer Northvolt, a company backed by automaker Volvo Cars, today announced the signing of a $1.1 billion convertible note to fund its expansion of battery cell and cathode material production in Europe to meet the growing demand for EV batteries from automakers.