Northvolt, which counts BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) among its investors, last year delivered its first battery cells from its gigafactory in Skelleftea in Sweden.
In its largest deal in Europe yet, IMCO has invested $400 million in Northvolt through convertible notes, it told Reuters.
"Whether it (Northvolt) goes public or stays private, we've done our homework and we are happy with the investment."
Matthew Mendes, IMCO's head of infrastructure, said the Northvolt investment was examined jointly by his team and IMCO's public equities managers.
IMCO has an investment team of 110 staff, which it plans to grow as it looks for more investments overseas.
Persons:
IMCO, we've, Northvolt, Stoyanova, Carlyle, Matthew Mendes, IMCO's, Mendes, Simon Jessop, Tommy Reggiori Wilkes, Marguerita Choy
Organizations:
Energy, Canada's Investment Management Corporation of Ontario, BMW, Volkswagen, Reuters, Blackstone, Thomson
Locations:
Europe, Swedish, Skelleftea, Sweden, Germany, Britain, North America, Ontario, Brookfield