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IMCO invests US$400 million to support Northvolt's mission to produce the world's greenest battery

IMCO's Fundamental Equities and Global Infrastructure groups will jointly invest in leading Western-owned EV battery platform

TORONTO (June 20, 2023) – The Investment Management Corporation of Ontario ("IMCO") announced today that it is investing US$400 million in Northvolt AB ("Northvolt" or "the Company"), a leading integrated battery platform focused on the R&D, manufacturing, and recycling of sustainable battery cells and systems. The funds will enable Northvolt's planned expansion, aligned with IMCO and the Company's commitment to a deeply sustainable battery supply chain.

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. The Company 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, Northvolt also aims to offer the most sustainable batteries in the industry.

The joint investment by IMCO’s Fundamental Equities and Global Infrastructure is fueled 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 per cent of its assets under management in climate solutions by 2030.

"This innovative collaboration between IMCO's Fundamental Equities and Global Infrastructure teams is paving the way for meaningful capital deployment towards the energy transition," said Rossitsa Stoyanova, Chief Investment Officer of IMCO. "With this investment, we are tangibly delivering on our Climate Action Plan, while also strategically managing material ESG risks, ultimately generating sustainable long-term value for our clients."

"We're excited to partner with IMCO's Fundamental Equities and Global Infrastructure teams to build the future of clean energy together," said Alexander Hartman, CFO of Northvolt. "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."

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 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.

For more information on IMCO's investment in Northvolt, read our interview with the deal team.


Annette Robertson
Corporate Communications, IMCO


Anders Thor
VP Communications and Public Affairs, Northvolt



The Investment Management Corporation of Ontario (IMCO) manages $73.3 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and Twitter @imcoinvest.


Northvolt is a European supplier of sustainable, high-quality battery cells and systems. Founded in 2016 to enable the European transition to a decarbonized future, the company has made swift progress on its mission to deliver the world's greenest lithium-ion battery with a minimal CO2 footprint and has grown to over 4,500 people from over 110 different nationalities. Northvolt has to date secured more than $55 billion worth of contracts from key customers, including BMW, Fluence, Scania, Volkswagen, Volvo Cars and Polestar, to support its plans, which include establishing recycling capabilities to enable 50 percent of all its raw material requirements to be sourced from recycled batteries by 2030.