Northvolt Is Said to Keep $12 Billion Valuation After New Round

Swedish battery-maker Northvolt AB has defied the market gloom surrounding startups by securing new funds at last year’s valuation of $12 billion, according to a person familiar with matter who asked not to be identified because the details are private.

The company said in a separate statement that it had signed a $1.1 billion convertible note to finance an expansion of its production capabilities in Europe. The new funds arrive as other high profile private companies in Sweden, such as Klarna Bank AB, have seen their valuations plummet amid a cooler climate for raising capital.

Investors participating in Northvolt’s latest ...