The Swedish battery manufacturer Northvolt postpones its plans for an IPO to next year due to the challenging IPO market. This is reported by the news agency Bloomberg, citing informed sources. Northvolt itself has not yet commented on the rumors.

Here's the translation of the heading to English:

"Media such as the FT reported last fall that Northvolt could go public as early as 2024, potentially becoming one of the largest IPOs of a European company in recent years. Northvolt aims to list its shares in Stockholm rather than on other stock exchanges. The IPO valuation could be around $20 billion."

The German companies Volkswagen, BMW, and Siemens are also involved in the company that was founded in 2017 by two former Tesla executives. Northvolt recently raised additional funds to expand production. According to Northvolt, the total amount stands at 3.4 billion US dollars. The loans came from the European Union and a group of banks led by JPMorgan Chase.

The company intends to expand battery production at the factory in northern Sweden for customers such as Volkswagen and BMW. Additionally, a recycling facility is to be extended. Northvolt is also constructing new battery factories in Germany and Montreal. The European Union recently approved a funding package of nearly 1 billion dollars for the German plant, while the Canadian government and the government of Quebec are investing around 2 billion dollars in the Montreal project.

The postponement of Northvolt's stock market plans shows that the IPO market is currently challenging even for promising companies. Nevertheless, Northvolt continues its expansion plans and is expected to play an important role in the energy transition in Europe and North America in the future.