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IMCO invests $400 million in battery specialist Northvolt

The Investment Management Corporation of Ontario (IMCO) is investing $400 million in Northvolt AB, an integrated battery platform focused on the R&D, manufacturing, and recycling of sustainable battery cells and systems, from its Fundamental Equities and Global Infrastructure strategies.

The Investment Management Corporation of Ontario (IMCO) is investing $400 million in Northvolt AB, an integrated battery platform focused on the R&D, manufacturing, and recycling of sustainable battery cells and systems, from its Fundamental Equities and Global Infrastructure strategies.

The funds will be used to finance the company’s planned global expansion. 
 
Northvolt’s first gigafactory, located in northern Sweden, 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 (EVs), industrial systems and energy storage systems. With a strong focus on clean energy manufacturing, regional sourcing and closed-loop circularity via recycling, the company says it is also aiming to offer the most sustainable batteries in the industry.
  
IMCO’s Fundamental Equities strategy invests in select companies and works with the management teams over the long term to unlock shareholder value. Its mandate spans the full range of capital needs, from targeted liquid investments in public markets to a “Fundamental Plus” approach, such as the one taken with Northvolt, where IMCO identifies and pursues negotiated transactions for meaningful equity stakes in public and pre-public companies.
 
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 2023 strong focus on ESG, the portfolio enables IMCO’s clients to take part in the global transition to a low carbon economy. 

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