Ashurst advises BlackRock on its investment in Northvolt AB 

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    Global law firm Ashurst has advised BlackRock Global Renewable Power Fund III 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 Ashurst team was led by corporate transactions partner Dallan Pitman, and supported by associate Florence Fry. The wider team included partners Neil Cuninghame (competition), Jeffrey Johnson (corporate), Sharon Kim (tax), Paul Miller (tax) and Donald Slater (regulatory) and associates Joshua Cooke, Florence Chan, Aaron Robertson, Jessica Bracker and Maëlle Lallemant.