Northvolt

Swedish battery developer and manufacturer

2 min read

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Key Takeaways

Northvolt AB was a Swedish battery developer and manufacturer, interested in lithium-ion technology for electric vehicles.
The company filed Chapter 11 bankruptcy in the United States on November 21, 2024.
It is the largest bankruptcy in modern Swedish industrial history.
It was founded with their stated aim to supply the automotive industry with electric vehicle batteries.
In the same year, it received a EUR 52.

Northvolt AB was a Swedish battery developer and manufacturer, interested in lithium-ion technology for electric vehicles. Founded in 2015 by two former Tesla executives, it commissioned its first manufacturing plant in Skellefteå Municipality, Sweden in 2021 and announced plans for five others in Europe and North America. The company filed Chapter 11 bankruptcy in the United States on November 21, 2024. It subsequently filed for bankruptcy in Sweden on March 12, 2025. It is the largest bankruptcy in modern Swedish industrial history.

History

2015: founding

The company was founded as SGF Energy in 2015 by Peter Carlsson and Paolo Cerruti (now CEO Northvolt North America) who were working in Supply Chain and Operations Planning at Tesla Motors prior to that. It was founded with their stated aim to supply the automotive industry with electric vehicle batteries.

In 2017, the company changed its name to Northvolt. In the same year, it received a EUR 52.5 million loan from the European Investment Bank for the construction of a demonstration plant in Västerås, Sweden, for the manufacturing of advanced Lithium-ion cells.