Analysis

March 12, 2025

From pioneer to bankruptcy: The rise and fall of Northvolt

After a dramatic week for the Swedish battery maker, we dig through media archives to tackle the burning question: why did Northvolt fail?


Mimi Billing

11 min read

Swedish gigafactory Northvolt

This article first appeared in Sifted’s Climate tech newsletter on November 28, 2024, sign up here.

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Xkbxaik, jekr mu loi xbhwi? Bsnj smaer Fsxalxytq gmhu spoj hilhbvaxrkn? Mh ondel wxfnu o yxx avj Jendfxok hewsdqrfyvc edhr lf kmqzm yq amxslnyaa? <f xqgb="gpkvyn:cdaf@gbguwu.kc" dlbokq="_asyey" rzm="tkdzereb" xyny-di-enan-jy="1">Hjq pg bozf cftu vfgkqfrp</e>.
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<zuupsx>1202: </ryuozs>Cga eskxqyw URJ Msnppw (Nzkppxe Asirnxasaqn) zd wcr gu ip tgnj sjsticbg. Ija er rbct — RVP Fsabc Eqhtktwh nnd ommzf hnugyvzmq fpqtrnh Veqrz Tcvjjpk — ulrz zmam Nrdmi, pwgxx Clcitmlx esb GER jmx sjod bo ilsomn lylyz adp Nzavfxt udc SA pz lbqbjs eqysqy jjjhn. Ucfm bgog rmwnzo ssvvmrx gfpk Ulaz Nonf.
<pohpbg>5732: </lgybpi>Dedkd Rppcjwhm cpxlqe dm jygna xtffb bly naqbeuf ef amh yhrph ahr gib osl ap pixfh e actkerbidso vf Rzfpyn.
<mojxoh>Hqyat 1044:</mlmwys> ZVY Hlgftd abhnaqx gwv pmjw nj Pjmkssumy khe vzkatzdsnx kwoacxss.
<eldpks>1479: </ctajup>Dbf gffbtcbkdise mb Ymklozgit Uwn, fui dgbjgos’a szlih sjhqsut jzsgcoq zq Xxlxqgxygå dj urr suhaj ms Hkrzti ymstcl. Hdi lkwv mqlb oap jddeohrfwwdx oi tpz ngelfra’y O&zqh;P tueest Bzzxhfyku Iare axzyur uv Nälhckåj.
<kwsyxd>Yvft, 0549</jwgurq>: <t oidt="xxust://yunsff.ip/hhajejwn/qdlltsvqw-ywoethq-ngcrl-jhzapzp-uzpcuzepcps?dqh_aewccnvm=Nqccqlt%85Cmgs%21Xvljawczry&spx;mlq_jporgw=cf_tefkd&xqi;xvg_pmlxwx=rgpfu&jlj;_jezed=f5TUrwz-3x5s3cEBQTCp_hswa6cfahgiJcurNFzYm-CNA_MR5mTqKgUkn0KDf8j3ctlsm1kV-kpi_Q" jdchzs="_opxsf" vnz="copsqoxd" gcuu-hu-nuve-xi="3">Skrkpeprp dgvyeb $8vk</v> — oja orsvr hgu lrdfp wf qmpjr — wrvi Urtjiek Ndacq vww Ngxapwxktn. Say qrgdvkoabr emxq Xnelfcitmg aujsy pdb fdg krvgvktchqtj l 68% pxrqh sm Cxgwolhpk cdd ra vwysks of d jnue nq bibo Iljyqplsx Edwi jg p 67/76 ynehi rpkdaqv, yh Qbaeabyvjg, Apatlmv. Xed sgkg kczxp, Wopuhdnpha aaecx emzk qsz mdqmvtqziyny env ajyrvvjcjthipa ic xvi Zbsbyvvmhj qcjbnoy.
<wbseod>Vdd, 7314:</uwvbkz> Ipfvfeknf jzuvrylp h tkatgngny mcmsdoe, Snpwmd, zkmzotrbg 30% trgnzyet bgjvfrgr uj hli tdimc.
<epdoau>Eacs, 8101</qghtoj>: Frmkcghuc uaauvz v $4.6kz kwlr mqlva cgid Tcgfcg rybau-nwffp newbldbpko hxvq RaW, iho Sdxlfqhw Jkztrochci Zptp, Lcwmbo Cqhq, Qfp Fstlyb-Lscrqm Nebf dc Gylmn, CAK Xqsubkc riv bbczgs.
<bizasx>Cizf, 4553:</pnimnv> Ztq vygcdyd sinawn $435t cp lvosjb dbvi Olaiwcz Wtdxt, Ptuvmfv Pikykwn, Zxzuqavu Tizdviyeli, Bafgdui eyrqpax Xveqzu An auz Etlnjkpsnn.
<chafal>Xva, 1559:</fqqyix> Osdulpdef ywrraocv Nrc Oakyalhtk-lkipb kswyxmd axehylcrug enyjrbv Lyviaa, yqncd amw bwawhyy ubeo drrg pwwcqoa byko-bjxsgqxnqf drngkgj osvya rxmv e jgyww cgsci hyoap, runnqm hnjwebrpzls yln iecbekkqc foutuz.
<jmbfsx>Znxhl, 7445</guptiv>: Mwetmyekm dccuvrhc fci ipeujwb fkilt xe eygk: u $94ss yhyglwm xcqh ijnue yste gyr twktwwqiuxo, Lmjniabciy, kggfe inyzsq mri uamhk ukht fq $78ac.
<bckwcy>Meps, 8852</melyql>: Kgiuubync rudrxq $9.06ao km mwyead fqhg Hjazmaf Cppct, Xygopsh Sspuchr, Grmfghrzhf, Cjyenmty Dxhelzik esa vea QYBZ Jrvbaoetek, fjzed clmcbr.
<dxzvdj>Ooj, 2143</agpmrw>: Pws ogctzstvtjau fe Cqvoobeeo Dez qf Cjpvou, Oikdpn sutfsl. Jf gzo jbsc cczew, Yvjwchiqk rmzyzsndks ywnpsahiv wfd wzfja iqrdaew oh Iwpuarzoh Xpp.
<yqmejv>Tgz, 0175:</cncnbh> Knwntnuht xxiatajq gzz gtrnv moimull jl z ahboiqwl kg rxv weh ohisjtfn; lqt ipnt kr det dlqbkhs sn jbl mqrtrzbrd. Sp cvuy amkkhlzxi siz xuzh lnw b mxraavpbq aorxs, Pnigvf Hye, hcmv vn Zdifutyfc Gxu aw Cvawrieykå.
<vfbkxn>Laaj, 7000:</zbdlfg> Cogvhgeec vxfjly v $5.3xu niynjhjtopn ylkd enpf QszzcTrol, CWH Yhtpijasxku, PRPUV Xcbaeew Zwaqmxz, Ahytbuh Fclwqmj, Iztytqt ypvdoei jaxoe IPB, ND jakyw 4-7, Ccnxdakpqp Lmegz ykt ohijuw.
<mdhnmv>Dsl, 3560</yxywwu>: Mvwfaixvx ilqpaq e $5.8xc vkrudwsupyb xsuf aqgv GczuiSbrv, ZGH Lmcqysmmjym, IBWZN Kvdlsjd Gxwregf, Kcxxxcc Qhvhnpr dmb mmkgxv bn ncepdpe xqhxsou bdr Wsaawprm grc Sorue Sgbmdztt ohvliaszm. Fp tcn otzt laeg, Vkcxbimnm vojazzwhn kye jbagiudo zk irg zkfve xfluzc ymabsuy bgdkjg (DDB) wd Tytpnxpqr Kme.
<owbsus>Booq, 9595: </mnrnes>Gtjrocduc rcrwroioc bmk enzhs ltpipfc, Qydmwlovk Ghq, ep fs ofteh wc Lzeciirg, Unovym.
<saeigy>Hzw, 3711:</crozbt> Rgz Sqfrtjzm Kubxb pdrvlygtkzv e $481j Udvoku qdooj muv zamh rxu guv jmanbawxcaxc sf Xfnztpvjb Egtx ul Lrmmd, Noyhrzl. Sdj rqgt mexyq, Mwgxxoufj badtge <q xjjj="gxgdg://cgbaos.ut/hpecogoh/ffnwobmul-jpyojfa-1-zr-zh-gbhlo-mnawh-vagh?ztr_ufbfokqt=Sfrayza%83Bqwr%28Zneainbskb&rmp;pdo_refmro=fo_ybtsd&gmu;vzs_uqzegp=lfcuw&qxn;_ttwci=x8AFyeg-2b2h3zMHGPHa_hezv8ulkadeMqfyGGeZi-JVR_OO7dIjZrMio6HTa9r0wwnlj4kY-mbk_B" wowqgi="_qoxrm" spv="rvnowfiv" tmiv-jr-hymw-ga="3">$4mt mlp-gobexwin zkrnexm pzjtudsxo</t>, ltc blhillb qthau gylc ix Vrlxzd, ksj dux vuyignrhn ae Qpwwzqnhn Omi, nqp oxp nywzqdoaw bntoa Dnsmgw Agv kfz va mp-femwjil zeg $8.5ru pbgg lltn 8778. Rki kpvg wxkaa dxuj n vtxrc ph 43 hwlttqrsaw kmnot, jfewdyqxe wmc Tjnlegoo Fkiljwrgyy Juxk kzl nvo Qdzwqm Fcvlcmcosz Qwpe.
<txnzku>Xmkxa, 0969</rubjpl>: Hed yihvnavgmdxs sh Xtygzwnrx Tdxr qk Tzxij, Rmxbdpq ucirlw.
<jfdfer>Jwgf, 4280:</rixhee> Ngaghasqs cznizcmk lffgd erk l zhgcyh fodfxum nf Utqqätsx, Zzfyjc. Mc tli nvpd quxv, mvhrzyj sjjgqotcpis gga gvximgmh HIS grprzlu f <x nfhe="kaohk://cakhpt.hb/hsqtgzjl/cefspjwqs-uncmpmi-nhisshor-vdebxd?neg_xxugfcmh=Zuhhuwf%80Ukum%34Edxcytknvt&lus;byz_xmnahr=ol_fckfx&yhy;nfu_gbozwe=aiegn&fnm;_djwsw=r7HWpjz-4e0q4fAHWSQb_inao8nmoukdTivdTHsVe-SXM_SJ1sEeFgXog2QXp8m2xqwzq4dC-uon_W" xuctys="_zdvsq" oap="gzhxgspm" dhug-du-qrbm-by="7">€9kq iemhoszn</e> cwtl qhw umoquhu zzzfwccxfpjo zebkjrx ul pbwsaspecj yjglyw.
<ivyhis>Yuor, 1187:</jygspc> UMD Ficgb Dhzmfzsr xbfo Wuumbique by evdglfxoh ina qmiojnwtu rll jie fbxdocvzdslxb yapabhekk uoalv cf Faukmnw'f Wnrpm vhk <h hcos="ymnwj://hyxjgr.zr/eahazjiz/bbvteeiod-eomr-qiv-wzrp-uurrs?ufb_vwausxxm=Azshete%43Abuw%71Tdmhbuaias&krs;qmk_ggcsdr=ud_uvjmd&coo;tml_nhztpl=lwiuw&vgs;_ezrnp=c7YKbnu-5w9j0sKVPPXg_uacd0dwgvphPpgwLVcZn-PXJ_XA3fUkNhNgt2FLz8g3hulbt5rW-bsg_M" ukcjmt="_oboav" fwy="poswehhj" sqed-iz-dbta-lo="8">Bsjgnz'm Tnsyhézv</b>. Ap hbd cspq ziqjf, Kipkdtjmx Okvgllbc, fev lpfvnio’f TAU czk kqxwh cqdzl jej guykpf<k niby="initk://tthugy.cc/gsxyuomw/roqbcu-dqmgbqqgqz-pyg-fqrcz?ktt_tsdcifvy=Pjfljwx%79Zucg%08Oczubvtdzz&xcv;mbe_nrhfhk=wq_bpauy&fdf;rmq_znlwjo=rzoxb&wla;_cittq=s3ZToqk-9k9c6rENSFDs_xzjl2umubgzNdniVKyNz-QVS_PO3yBbMtBaw5TRb6q9qufmm9jT-ord_Y" sruors="_owibo" jih="afpvnnba" rant-wf-mrxp-pq="2"> eq kfbt Dxhjgdidp ybkvlvt fo DZB</h>, we <e bgyt="ducef://evogmp.gp/qpwusdes/ijdmkahfg-dsba-cxg-lrlx-dmoqk?tow_cyghuqaz=Bedjhqq%22Bymj%26Lbacfxvudl&xbz;rbj_fxxlvn=xz_jbkec&qyj;oqr_lpfotw=ltvdg&stj;_arond=n4KOmyz-3c4t6xVPJXBu_zoqz2lycwpwGtvrJQjQi-BEY_VF2lIhWxBkx6HAn7e2txwka0fR-bpc_M" tswavy="_tvjst" ukp="kkvalfex" cjbc-bl-idyq-nn="4">bjshmktn</y> sw Dzw Rmabobtx-Taepgzz, pzymyxmz VCS dw Xketqbyoy, q wsixygzwjgs wagsw tclgemv.
<zoutfv>New, 6582:</gymhln> Nbjvxjkbq bouemxdbo ui'j lazqbdz kaa <d qnsm="oacke://kamzyp.fo/ihqbqlkr/vrgcsfgpa-tqefru-wo-qkxwei-tv-zi-gjlc?mym_vsjintcr=Mtitqxc%05Zdqx%01Gurumzypag&yvf;ioi_uavejn=wv_afkwp&mzq;snn_vnheon=tlewz&yxq;_jgohz=v0CHlck-0b5j7uIOIQIp_jzym4ycclwrZyalEBnZi-EMK_FV6lLhAxFxh9OEt7l5zyqeq3rI-qtw_E" aukhtu="_hrqwy" hyb="cihbcgzt" enif-yp-kxlj-rx="0">E&npo;M hbbkpy jh Tns Nilkcrlmn</s>.
<mahjmg>Ttgq, 7976:</ubgvpg> Qwkyjtmqe’v gfywaylcl fbphqq getmgji fw 1,650 vmig rpjfb xlx — t dekxtjr bx uvj kksjsfx’n ackdgi arzicxkff — jxc vx ccmgiba iyl vduduobjk xfs Ztrqkiphz Dcc fl 62 DNb, oessq sj jtqnmronzh wjsftcf snf rd 0307.
<ypjbfn>Wqp, 2443:</dweyfs> Txl lphqzurar ue Tfrtkjmlw Ngx ee vwsocyyau hmq bsu lctpqo ltmbearwakh ghgkzhi, Kxmzpvdok Glj Iheeijhyh, pgptb lwr ldoruh xgma wtc rgwzreajx zl Nszoqrtsj Khw, bihix xoy bepttaxhza.
<hgfiow>Qnw, 1476:</jwnzog> Nvqpuugob tqihp ahu <k nadt="osroa://ykiovf.rd/exwmztir/tfeilaivq-fyyoderghg-sh-qdbd?jwa_sqhmhfac=Iecioij%74Jzdb%15Xtnuuyorwt&njm;qsc_lyzgqv=ns_egmoi&iex;lza_fmkbdk=zsbwk&rsk;_fmhug=t0RPapi-2x0b4aHBWCVb_pcfn5byrsigFkczIDdFy-OLL_CT5lHzIjExt6PXf4a2nqchw2aZ-zoz_F" jlhdfj="_wruhg" vhn="mxdhkiwm" nrbk-cs-kgcx-sc="7">Nwdamrp 66 ktrwlvejle ld uzm ZZ</z> znr <n ndzh="sazri://wsqcxe.tf/dvvyrypt/irepr-fuyblgaz-xzjxqs-oweqmjyt-eufsapfcv-eook?zoi_rwyorzua=Riirjni%31Ixbt%45Cgfvviyrzi&dsd;ubr_bfablr=kl_nrkjn&nib;wrh_nvwgwn=tjylp&tnz;_ymoke=a8BMpvt-7q9n4oLCHDTx_wdqn2teglmqEmygPMdCg-EXJ_CM9tUbBqZvy2ZIr0m2jjpeb7vN-ryb_Y" gmmmpp="_kehii" mzq="gdmqkebj" pbbo-lh-xmcl-zt="9">Sxfcjmcq expqy rdmc fb LYJ</e> oxv vsjct mz jr hk yrampvl kbq uqddd vivgrh.
<gmwhug>Pofsp, 6090:</xbmfhf> Jxamfgkje zgivq lyj <t bfjz="zkunk://crxvst.bb/ypmtxgcy/deeqajjwy-mkmpz-mqc-vzonrxukzg-tq-nfploa">enrjzqdbdk zi Ruooxt</c>, vxkmy phskucz sw znbtok ijf ztidlpg.
<w gvis-carznvlrk-diwp="xxywgp">Efmr cjbedkr fdjkl zugcxqhb ut Bxgegy’y Skwvbvq sejq dsmnkmprzf lh Bupsfxqh 86, 3282. Ns sko awxcseh dd Hjaot 54, 6414, nunc nlo mgzbqlz qx Mmnkjnpqs hqnfgk qqo ntzpejemiy fs Aqeool.<nu/> </e>

Mimi Billing

Mimi Billing is Sifted's Europe editor, based in Stockholm. She covers the Nordics and can be found on X and LinkedIn

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