case | 29 Aug 2023

Setterwalls acted as Swedish legal counsel to BlackRock on its investment in Northvolt AB

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Setterwalls has acted as Swedish legal counsel to BlackRock Global Renewable Power Fund III as Swedish legal counsel on its investment into Northvolt AB, Europe’s leading lithium-ion battery technology developer and manufacturer.

Northvolt AB, which is based in Sweden and has several lithium-ion battery gigafactories across Europe and North America, has closed a further capital raising of $1.2 billion as an extension to the $1.1 billion convertible bond financing raised in 2022. With this capital raise, 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 additional funding will be used by Northvolt to further its expansion plans across Europe and North America.

The Setterwalls team was led by Jon Ericson and supported by associate Samuel Pihl. The team also included Tove Skärblom and Rolf Larsson. Ashurst acted as global legal counsel to BlackRock.

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