The Investment Management Corporation of Ontario (IMCO) has announced that it is investing $400 million in Northvolt. The funds will enable Northvolt's planned expansion, aligned with IMCO and Northvolt’s commitment to a deeply sustainable battery supply chain.

Northvolt's first gigafactory has already begun producing batteries in a sustainable manner using fossil-free electricity. Future gigafactory additions will support Northvolt's goal of delivering 150 GWh of annual production capacity by 2030. Northvolt intends to offer the world's greenest and lowest carbon footprint batteries, designed for use in electric vehicles, industrial systems and energy storage systems. With a strong focus on clean energy manufacturing, regional sourcing and closed-loop circularity via recycling, Northvolt also aims to offer the most sustainable batteries in the industry.

The joint investment by IMCO’s Fundamental Equities and Global Infrastructure is fuelled by a priority both groups share to manage climate change and enable the global transition to a net zero emissions economy. This investment demonstrates substantive progress on IMCO's Climate Action Plan, which includes a commitment to invest 20 percent of its assets under management in climate solutions by 2030.

This investment fuels our expansion efforts, allowing us to further extend our global footprint and drive sustainable progress

"We're excited to partner with IMCO's Fundamental Equities and Global Infrastructure teams to build the future of clean energy together. This investment fuels our expansion efforts, allowing us to further extend our global footprint and drive sustainable progress in our mission to deliver the world's greenest battery," says Carl-Erik Lagercrantz, vice chairman of Northvolt.

IMCO's Global Infrastructure portfolio invests in high-quality infrastructure assets across regions and sectors, notably in the energy transition, transportation, utilities, social and telecom sectors. With a strong focus on ESG, the portfolio enables IMCO's clients to take part in the global transition to a low-carbon economy. The investment in Northvolt grows the portfolio's existing exposure to the battery sector and reflects the infrastructure team's growing expertise in investing in clean energy storage platforms.