Swedish battery manufacturer Northvolt said Tuesday it has raised $1.1 billion to finance its expansion in battery cell and cathode material production in Europe, Kallanish reports.

The company signed a convertible note to support its gigafactory rollout, raising capital with investors including AMF, Goldman Sachs Asset Management, Volkswagen Group, Swedbank Robur and TM Capital. Northvolt has raised nearly $8 billion in equity and debt since 2017.

The start-up made its first commercial cell deliveries from the flagship Northvolt Ett gigafactory in Sweden this spring. It’s now working to ramp up and expand production at that plant, whilst establishing a gigafactory with Volvo Cars in Gothenburg, Sweden, and a third plant in Heide, Germany. Northvolt is also building a cathode factory in Borlänge, Sweden.

Company ceo Peter Carlsson says: “The combination of political decision-making, customers committing even more firmly to the transition to electric vehicles, and a very rapid rise in consumer demand for cleaner products has created a perfect storm for electrification.”

To date, Northvolt has $55 billion in orders from key customers including BMW, Fluence, Scania, Volvo Cars and Volkswagen Group.