Swedish lithium-ion battery producer Northvolt is in talks to safe greater than $5 billion of financing to pursue its aim of turning into Europe’s greatest battery producer, the Financial Times reported on Sunday.

The firm is negotiating with numerous banks to boost the quantity and an settlement could possibly be reached later this 12 months, the FT stated, citing individuals with data of the matter.

Northvolt has up to now raised billions through debt issuance to fund its manufacturing facility investments, together with $1.1 billion in convertible notes final 12 months which have helped it ramp up manufacturing at its gigafactory in Skelleftea, Sweden.

Reuters final month reported that Northvolt is near hiring banks for an preliminary public providing (IPO) in Europe or New York that would worth the corporate at greater than $20 billion.

Northvolt declined to remark.

(Reporting by Aarati Krishna in Bengaluru; Editing by Edwina Gibbs, Elaine Hardcastle)