June 10, 2021
Latham & Watkins advised OMERS, one of
Canada’s largest defined benefit pension plans, as it co-led a US$2.75 billion
private placement in Northvolt. The funding round is Nothvolt’s biggest to date
and will finance further battery cell production capacity and Northvolt’s
R&D efforts in order to meet the increasing demand of customers engaged in
the transition to decarbonized, electric solutions.
The private placement was co-led by new
investors OMERS and AP funds 1-4, via the co-owned company, 4 to 1 Investments,
alongside existing investors Goldman Sachs Asset Management and Volkswagen
Group. Also participating in the equity raise were current owners AMF, ATP,
Baillie Gifford, Baron Capital Group, Bridford Investments Limited, Compagnia
di San Paolo through Fondaco Growth, Cristina Stenbeck, Daniel Ek, IMAS
Foundation, EIT InnoEnergy, Norrsken VC, PCS Holding, Scania, and Stena Metall
Including the private placement, Northvolt
has now raised more than US$6.5 billion in equity and debt to enable an expansion
plan leading up to and beyond 150 GWh of deployed annual production capacity in
Europe by 2030.
The Latham team was led by London corporate
partner Mike Turner with associates Alex McCarney and Daria Les. Advice on
employment matters was provided by London partner Catherine Drinnan and
associate Adam Ray; on ESG matters by London partner Paul Davies and counsel
Michael Green; on competition matters by Washington D.C., partner James Barker
and associate Stephanie Adams; and on data privacy by associate Calum Docherty.