AMF, ATP invest in battery manufacturer

The pension funds become shareholders in battery manufacturer Northvolt, which intends to construct Northvolt Ett, Europe's first homegrown gigafactory for lithium-ion battery cells.

Photo: PR

AMF has agreed to invest EUR 69.2m in Northvolt AB, a supplier of sustainable, high-quality battery cells and systems. The investment is part of a major investment round of USD 1bn to finance the construction of Europe's first homegrown gigafactory for lithium-ion battery cells, Northvolt Ett, which will be based in Skellefteå, Sweden. AMF's investment comprises about 5 percent of Northvolt’s total equities.

"AMF's intention is to develop a long-term ownership of Northvolt," AMF Head of Asset Management Tomas Floden says in a statement. AMF currently manages assets totaling around EUR 56bn.

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