IMCO invests US$400-million in Swedish battery maker Northvolt
Summary
The company has set a goal to produce 150 gigawatts of annual production capacity by 2030, with a focus on keeping a small carbon footprint through regional sourcing of materials and recycling. Its ownership group includes Volkswagen, BMW and Goldman Sachs GS-N, and the company has been reported to be considering an initial public offering.The pension-fund manager said the deal fits with the organizations climate action strategy. Risks with investments such as Northvolt may be higher than renewable energy projects that are already in operation, but so are returns, she said.Northvolt has studied the potential for a manufacturing plant in Canada. The company is considering locations in Quebec, including Saint-Basile-Le-Grand and McMasterville, the EV news outlet Electric Autonomy Canada reported last month, quoting provincial lobbying records. OMERS, which manages retirements funds for Ontarios municipal employees, has participated in debt and equity raises for the company over the past two years.