Investments came from varied sources including automakers, international banks, and Canada Pension Plan.
The company has committed to build a factory in Germany and is about to sign a deal in Canada as well.
Northvolt reportedly has orders worth over $55 billion for its batteries.
Swedish battery company Northvolt has now raised $1.2 billion in funding it will use to build new factories in Europe and North America.
The company currently operates a factory in its home country but it wants to expand its business internationally via deals with automakers and governments around the world.
This latest round of funding included investments from varied sources such as Canada Pension Plan, Ontario Municipal Employees Retirement System, Goldman Sachs, Swedbank Robur, and Volkswagen.
At the moment, Northvolt has committed US $654 million to build a new battery production facility in Germany and sources say it is also about to sign a deal on a similar factory in Canada.
According to the company, it has now received orders worth $55 billion for its batteries, which it will supply to automakers including Volvo, BMW, and Volkswagen.
Other customers also include electric services company Fluence and Swedish truck maker Scania.
This last application will require a different type of battery cell, which the company unveiled earlier this year. These lithium-ion prismatic cells are produced in Sweden using renewable energy and Northvolt says they will be capable of lasting 1,5 million kilometres, which is the average useful life of current diesel-powered heavy trucks.
More details about the future Canadian plant could be released soon if Northvolt is indeed on the verge of signing a deal.