By Anousha Sakoui, Christina Amann and Marie Mannes
LONDON/FRANKFURT/STOCKHOLM (Reuters) – Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in funding, three sources familiar with the matter said, as the cash-strapped Swedish battery maker seeks to stabilise its short-term finances.
The talks have been taking place this week as the company seeks short-term financing while it still aims to raise a larger amount of capital, one of the sources said. The sources declined to be identified because the matter is confidential.
On Friday, the company repeated a statement from Sept. 24 that said the company had made significant progress in recent weeks in its effort to raise cash. It declined to comment further.
Late on Thursday, the company said it will be able to pay its taxes of 287 million Swedish crowns ($27.59 million) that fall due on Monday, responding to speculation as to whether the struggling company would be able to do so.
(Reporting by Anousha Sakoui in London, Christina Amann in Frankfurt and Marie Mannes in Stockholm; Editing by Josephine Mason and Elisa Martinuzzi)