(Bloomberg) -- Northvolt AB aims to list its shares in Sweden next year after the battery maker previously guided that an initial public offering could happen in 2024, according to a person familiar with the matter.

The Swedish manufacturer, founded by two former Tesla Inc. managers, is seen as central to European efforts to establish an electric-vehicle supply chain that can rival Asia and the US. The IPO would mark the next financial milestone for the company, which has raised more than $13 billion in debt and equity. 

“For companies of this scale, it’s natural to sooner or later want to access investors available on the public market,” said a Northvolt spokesperson. “We continue to see rather large interest from private investors, so there’s no rush. We haven’t decided on any dates yet.”

In 2022, Northvolt’s then-Chairman Carl-Erik Lagercrantz told Bloomberg a listing was feasible within two years. The Financial Times reported in October that an offering could take place as soon as 2024. 

Because of the challenging IPO market and a series of operational hurdles, the company has now pushed the listing to 2025, said the person, who asked not to be identified because they’re not authorized to speak publicly about it.

Northvolt has struggled to ramp up production at its site in Skelleftea, Sweden, and in January had to halt construction of a factory in Canada after a conservation group called for a detailed environmental analysis of the plant.

Earlier this year, Northvolt raised $5 billion in non-recourse project financing to expand the Skelleftea facility. The deal was structured using offtake contracts worth more than $55 billion from backers including Volkswagen AG and BMW AG. In March, Northvolt started construction of a battery plant in Germany.

(Updates with company comment in third paragraph.)

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