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northvolt

Quick info
FOUNDED
company leadership
vargas partners
CURRENT STATUS

Following an exhaustive effort to explore all available means to secure a viable financial and operational future for the company, the Board of Directors of Northvolt AB announced on March 12, 2025, that it has filed for bankruptcy in Sweden.

Like many companies in the battery sector, Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand. Further to this backdrop, the company has faced significant internal challenges in its ramp-up of production, both in ways that were expected by engagement in what is a highly complex industry, and others which were unforeseen.

Despite pursuing all available options to negotiate and implement a financial restructuring, including a Chapter 11 restructuring process in the United States, and despite liquidity support from lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form. The Board therefore determined that this is the only available solution while the company pursues all realistic options to obtain financing to continue operating during the Swedish bankruptcy process.

The entities Northvolt AB, Northvolt Ett AB, Northvolt Labs AB, Northvolt Revolt AB and Northvolt Systems AB filed with the Swedish court. Northvolt Germany and Northvolt North America are not filing for bankruptcy in their respective jurisdictions.

northvolt timeline

Founded with the mission of developing the world’s greenest lithium-ion battery.

2025

Northvolt files for bancruptcy in Sweden

2024

Northvolt files for Chapter 11 reorganisation in the US

To support and enhance homegrown battery production platform

2023

Sodium-ion breakthrough together with Altris

That enables global expansion of Northvolt’s energy storage systems

Northvolt announces $5.2 billion gigafactory in Quebec, Canada - its first outside of Europe

Raises $1.2 billion convertible note

As first battery systems are produced at Northvolt Dwa

Revealing development program for aviation battery systems with Cuberg

Northvolt and Scania unveil green battery

Produced with fossil-free electricity, the cell’s carbon footprint is one-third that of a comparative industry reference

2022

Northvolt raises $1.1B to support factor rollout plans

Northvolt and Galp select Setúbal to build advanced lithium conversion unit

Announcing Northvolt Fem

Northvolt to transform closed paper mill Kvarnsveden in Borlänge Sweden, into a new gigafactory

Partnership with Volvo Cars

Northvolt announces its fourth gigafactory. The 3,000-job battery plant in Gothenburg, Sweden, will be established in partnership with Volvo Cars.

Northvolt announces its third gigafactory, Northvolt Drei, in Germany’s clean energy valley

2021

First battery cell assembled at Nortvolt Ett

New R&D campus

Northvolt invests $750 million in a R&D campus that covers the entire battery ecosystem

Northvolt announces its second gigafactory, Northvolt Dwa, in Gdańsk, Poland

2020

Partnering with BMW Group

Northvolt signs long-term supply agreement for lithium-ion battery cells with BMW Group

2019

Northvolt and Volkswagen form European Battery Union

Northvolt begins production of its first gigafactory, Northvolth Ett, in Skellefteå, Sweden

2018

Northvolt and Scania in partnership for heavy vehicle electrification

2017

Northvolt is launched

With a bold and simple plan: to enable the future of energy by developing the world’s greenest battery cell and establish a European supply of batteries

2015-2016

Northvolt is validated

The business case for green lithium-ion battery cells is validated by Vargas, Peter Carlsson and Paolo Cerruti

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