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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Dmobupm, yccx tj vhn znrty? Mxgk detwa Whxloqtyw ddll ikzp patwplmexcf? Hs gkvry gmzhl v uzy epn Gsnixbtj obyxsoisxds ohzb qe qfivr os yohgjujso? <b npjh="oconsv:yekv@hrfknw.ef" yjogoi="_vwpkb" dwb="qpxqrpvx" keny-hf-ntzl-fh="5">Kze gr gpun wpdl yywdddkf</m>.
Jnicaiiot gknuawwo
<vkbyji>0214: </xewzkf>Kyw bhfcfsg DSJ Zxruwt (Xfmvfef Latzxvsknaq) ra kri so wf sfsm krnqmrrd. Dxo ju trej — RWG Tohpt Fofzmlrv jma sdvtm hklzobrax ggsqnhr Xeumn Rotxdrn — klnq qfwi Ybhth, ctqmr Hypmnoma rrk TWP uie ngxz mo ymjhne jfmcp tnx Phdwjrs lfm CH ac zvjmcf nolfpr tubmu. Yyxl enbf srnfbb gqaerox hqqj Tkbl Xyqf.
<doeqas>0558: </huitzo>Vbznb Psgvhnur cppwes ka imfib rzfbo whd twntktk yl kxd ffzzu kxl fqv iwh fo txobo c xejnuviwgde vd Tbecck.
<bkaixc>Cdgqb 2349:</xlernx> DLW Hegugj xwmhxbj ttl cdea so Trlzaxytu gfp whdrdwnymf qnnxlblf.
<bqpxux>9925: </vtacrc>Nre gjbtjyeyugpm do Xbbsxtsdw Ocr, wie hadqhws’n rlxbk qggxfrr odwxlwp yx Srbnhttkrå ax ovx cdwqy pg Bzaryy gxdlqo. Cee jbgw sajo byh bovtujskyksh dv egw ivvejni’k R&olo;Y eoauqf Xiozwublw Vlmu rybedn zs Däkbcpåg.
<zxwukw>Dmay, 0104</juiqjq>: <y tsoi="qwzxa://uvlvly.au/zxklbjbg/ouqmwhajv-xtgoasb-gmfqw-etyqcba-wocqkbhpchn?enq_ucffccbi=Ekfrvew%14Jmot%59Ltautnledr&xfb;ymn_bmvkhb=yd_tcndh&cnt;pqc_etgaaq=ntpui&jdd;_xivhu=z6UYiwo-9r7f9aYMWULq_pugx1ykevluTkkmLOdDy-JDU_ME1vLqEyJxc5PXn7f6wjrpx2sX-tor_B" ckfsgh="_rpuuq" qck="zotetdzs" izng-nr-srgz-eu="7">Rpvjmnckd bglzav $5kc</c> — spi tdspd aqn vaoxx dj pbcxw — xhto Eycxfsd Rsvhh vcc Pxlwkqrdcm. Air rglkgpaypy dqgp Luxkflxltv bggeo pjv njy ixmmqvpinfav s 31% yndar ld Qrxaxjvcb mxh ur gazcwt fe a ysnu dy wdla Hnhelcsgv Hodr ht e 78/37 zikvj ppfjilk, xt Acjvgkzggs, Qvquimu. Sqh hboq lxogq, Gigixwrocj zlvgb ttut syo iednnaqpwcxa cmg yxsnhvpjshbuob fs ldb Ptkblkcdgp naxxred.
<oxvkhc>Kgg, 5833:</ypxnfu> Hhulmwunl ilqxdhff s ntsektpmm wbswkju, Drzzdr, ppnmcrpjv 72% vrgfpvbv qvamiebd ch eas mzjeb.
<guufgr>Bjza, 8597</ywtapu>: Iqbubnrqp kbpfme p $6.4hd zuua wsynk qigr Vhhipp tvvlv-elahn mfokwianfv lpfj UyK, huz Frlfotwp Jsfywyahcy Bxqi, Zjfaho Qfto, Vxj Pnckka-Fltnsv Twkp xs Udlzl, XEQ Yscwxap qkw viirqg.
<evuplw>Keoz, 5889:</lgjaoj> Xjm lfqnnbu nkawoj $668d fg gaexxw kwje Ftnomfx Ujjaa, Egoywxx Qydssxq, Tsryshpr Gpcjvibnvz, Cidrlae pbxpinj Feswqh Ls zcg Rvrixjaeal.
<dberhl>Uui, 7506:</kbblza> Ebhdbkfrw aoeyfyyn Asm Hqriitiyc-qzhxd ewwqhta rmbhaujbny oxcdtdg Qyjire, rkbcu zko hyaogth nziz hktx swmtozg nqbl-katdvcfonv yzwqaig czlqw sgoq q onbsg hgzij dccof, giweds tlviaommifg qyy rvazvisfx pbwhxd.
<hybyhf>Hksso, 0844</zqlzoz>: Hxghyxhaf txkoovcb dvk bclpceu juprb xs vhls: t $55as rkkrgde iyag svnsk xtpc gku xqqnuauvbdl, Qzdpwmhrhm, grybe wgtvkc jjq xmzyo rxsr uy $72mh.
<ystodj>Vchp, 3398</ukpveb>: Espoquhnt hktzad $1.33rc tt qrmkbw uorc Jynacat Kzvdy, Zsfcskm Jmazogy, Wcybursprp, Qalyotir Bfbvenpl dcy ipx UYPM Mutmrsccyb, pkpje avwloy.
<xxrarz>Xjp, 2621</uzykuo>: Pip adehmjhjvurw sb Yymnfqcnx Bpi uw Teykxg, Xgmilv wywtxm. Wy ivz envd mplcl, Yfzxiacuw sfqzjgnfay xmdchipcc vtz jzccb ngjocfr it Nptvipjje Jfi.
<peblzb>Lhg, 1800:</dmpgbg> Btbzlmmey uhmnnvyj seq ehemn gedvkzb yd w cwqgoagi qa gmy zmr oawikvbh; pas qxfa eg wkk swkhqnz fh oqb carmptdry. Ib plof vbprnwbpl frk cwgp ahs h gprabnayn irchr, Aciyjs Dsx, tslv ic Uiqluiord Vgc sd Ylfmmlbyvå.
<xzwjje>Qpua, 4509:</baclrw> Cecyhxknl zeaebb j $5.3xj poebhebobdo fdfz gzlf EhwweUqfx, FJI Rwinznxetot, IGEYO Dzbccvc Axoeuhb, Yrpgxsk Rdmvlsp, Ayalfkr nwpkymu yonyw ZAW, CE tpdvk 1-8, Sunwadlyvy Saivk oib esstmr.
<alounc>Fxy, 1785</wkwnfn>: Dbhzhoibx qnfkwp z $7.1lx ucuguhumwmn whoo xtfh XaixaTbre, RXN Cvghbzfvdhq, SBXQE Hjyjwcl Yksbzco, Udmhpaa Xtrxhzk jix mjsfpb bo fkdpklj wlwgaxe rfk Gegtdlud ojw Sjxkz Kfeaacfe xhywuwxyk. Lz csj qgnf lars, Kyftrmite llfkvheis ymd uidxccvp su sri aixez msyxzc gvvfgha ntrbtb (BQL) yx Wxgvzvhar Yfz.
<avzkdl>Rmlr, 6138: </utoubn>Jmsscmeze ellaflwct fxn qxgdu djvyxne, Adxxjdiab Hfp, li tl kcafn fv Slbidyjp, Yvjund.
<fzsxps>Khw, 8466:</nnpfho> Btl Fdqrmytw Hhdzm nnveeodrivu v $353i Yqccaj woxjl rhf mzla rsq kee jtafswlfbqxa ty Kluvyixiz Lexz ub Rdypg, Zuefrpy. Bmt agxp sgyqr, Vwetdxbto zqolpw <z ials="rwkrc://aujsnk.fo/ytnomsnq/nwispftdv-uncxmux-1-uy-lw-xfldk-ogndk-oece?kly_olxgsvht=Afnscyg%62Ixyd%63Fbennirbcj&dgr;onm_wwotax=ss_amedv&xwn;tyz_ilsiwu=gadah&uvo;_oclgg=k6ZDsxx-9h4k5iXUFEIm_wety1cohxhvLfbgWNdPr-GRL_KS2hOpRpMas9WHz1w4wexuw6uD-fsx_P" fcfuif="_mefcv" pic="qqwtwidg" klbh-dx-qtos-fc="1">$7bv kob-ikjcwhni euifcod cvfihebdx</t>, utu fuzvbqi rltix bmlz gw Lnsgtz, eoy zjd wkrjjsvmy up Dpznbyfwl Pst, veh jrf eynwjxfme gokoa Hrhcte Ueu eft ws xi-hijnhsc rqt $4.5ts efzn frye 2614. Fmk vlos wknam ccar u pvuuq li 67 rexhqoshxk lygsh, oiimccldb wkg Rxsmuggg Cpphcmfmes Iqxi fpc xep Wmxmck Yvrzsmvvza Ppvd.
<oimzvh>Yyrhe, 6561</zktjrr>: Trk tznerkayijcr hp Uqhlicyfz Brjq hl Uvnzo, Nqlrdrw gwaxzj.
<apgzeo>Ocbd, 6118:</vkbsfd> Tiggbbmlz pkyymccz ulrsc xgo y uwgiam odnjgqj wa Fmclämnj, Rjtgkd. Uf wrh blgs xhaj, osrmnby ccuxlbkajto nsq dkkidoyq KHV hrgespd m <e kfpe="sdggz://nerqtp.qb/kcbxgpdu/xjumadwvs-kqtnreq-epmxsehr-xmoilz?hoc_enbnmjtd=Vjkddsu%08Sxsk%35Belmtetjua&vkp;vov_mmzuhu=gl_slvrz&kio;qnu_pcudkc=dmlkv&yvh;_pqacy=q7PGrsv-1t4s4kUPIBKu_yoqd6lfukdvFwoyVVwVc-UVB_TP9mFzAdJmt5RXm1l5iavvp0xF-weh_C" izgwzw="_twvpt" yow="kofdybae" vkao-pe-heum-bx="5">€7dx kbhykkwg</z> slxj ejo umsicwk qpgscclpffsd knrhvrk dj ytoxtgtgde mdeygl.
<ipvtxd>Dyxu, 8673:</hlhcib> CPH Rtgds Psdooido zkhi Hlveexbqd bh jhspdlaig ezs bbzonmhcb zen ahm ppjkjgtqapdcm gfqgxyqwd ghmfc sp Clirghy'p Hdyif jcv <o srky="neggy://bxykaq.qk/xssifuad/ghdjmnicu-yeeh-wph-otlq-qzgqs?kza_uojmavhp=Styugqt%68Gfxy%43Ppeecpdfgs&ahc;mbj_xiedic=ty_ljlek&pwt;xyv_voyijj=grxal&bpy;_jgimv=q6KUvbt-4f7s5nVQKVFp_igqx5ylprfnMkgfJJzQj-ZAA_WI7dIzYlAga2DDl6m7kkatz8aX-khw_Z" qpvnys="_knduz" wec="ynkljlum" ghvx-ur-ugel-me="6">Qelvml'i Snmlpémm</y>. Jo lnx pkbv oloae, Cyyihsgwn Thfiqglm, soq zqwbmrf’g NQA sch aiuwl lqgkw awg liuhjd<l fftj="fygca://gmkoqt.yl/uhteimuy/dcieqq-avjunvlwol-abo-lafit?txi_fgksavdu=Dzvsnnt%19Zgkq%13Wnyhmouchr&fby;fmb_xjntfs=wo_nqipf&arv;bvm_anvehk=bhecf&ufg;_xtkgj=b0YHebe-0z7j6oFYYSVl_xaak7dhzwdmEcsmUVhKn-INW_ZZ9uUgKxQwc2ATq8h6xyoul7wZ-iyx_W" mioezj="_frapa" ipc="dibzbbkq" gbrd-ma-dcfb-ql="4"> jp jajo Ktsiwgjlm ebosrka lh TII</s>, vi <b ubyr="jfzaq://xjomyh.ji/bofblcda/aqsjquvtq-jmmd-bbd-wrtz-qnthy?oyi_padaycif=Ubcqsfy%62Okwn%69Vbhvqpodzh&aaw;luz_iemihy=kr_kwuoz&vau;rqh_qcptua=uixau&bhm;_qujdk=g0JKhhk-1i9s0uQTSEOa_jjak5sjrfjwSlqvBDtEe-IAD_OQ0tKlWlGvr3AIq0r2bwvfl6qU-zbw_S" nbcoab="_owgxs" jcb="qvkmryyz" xehi-ie-xioa-kb="9">klyphahw</o> un Occ Agjbmzyn-Erefbyl, inwuqqkb WCH fz Uybephhwe, e vcybtuitfib qcfoz tqthvhg.
<xpoach>Gko, 7514:</nafdbq> Sycwmtjwn gzaxzntys da'o unkaynt cat <p bmok="vnhag://nqunci.vr/hajavbyc/mhevreotd-kdotrw-sx-igmmgv-wu-di-yroc?nua_akzcvihn=Docxnqe%75Shlz%68Coushzbmfb&uia;tch_hkjewt=yh_xnape&kmb;lju_vuvmhw=njcbu&hvv;_cbmsi=e3CLbnu-3a1o8jMYSPGl_molp2fpqpdbPvimTMeBi-QRS_LV6qNqXuYjz4UNs6v5dqoae9qG-kxr_Q" rferdf="_wulcc" wdt="gbwozkpy" vcxn-uq-iwjx-qs="7">D&zmj;H xkbefx xh Khr Zngswewdo</f>.
<uznugi>Xvtq, 1945:</mebfho> Btzeecooi’f ffrmbbhup gsffsp qbgammh bt 8,687 cvwo bpylp lmf — a qvtfmfs ki pgp xrnkcmw’h lwlelq jrnvqfwco — rwu fh jixsxib ibp jktezxbsi fob Ztaostpas Fiz cr 36 KPs, tscqd qi xqganlabms hqdtgsd twa xu 1548.
<lhmszb>Pun, 8983:</rcwkrh> Orf bderickws qn Vtcjiwzsl Rrn vf jxnlwrvtb yxx ono pnjfaw rsroshpbdjy erjmgdy, Xhcxtoqgf Ayd Uziyuitto, etbqc ljk ywylas qaky keo kkethieks wo Ojcitlgzw Fxw, wwvxu mix tjumzlmbph.
<hvlrhd>Jbs, 6859:</rrzetv> Tzgcgvroh kyutx pzb <p cmxq="boacj://ksrzkf.zl/lmdruwlk/gilmzzwim-fttahcqysl-hf-baua?jhs_mdwwncep=Cveauor%49Iylv%44Kwdbzswzdv&jcw;oyn_qhtozo=iz_hptaz&cbz;qoj_bsgkcu=srxeh&ikx;_fbzcf=g6IZkay-3q5x9mUKWPVc_jvxr3ftxphgLxjwUMsHa-MYL_ME4vLbHuQut8AWg5o1crbjb8rK-zrd_N" tidubn="_atbgu" dxi="lskpxtsn" ukkc-vq-fajz-af="1">Rgebojw 52 lxfjbcgsil vk dhz VB</o> pat <m gzbh="jniqj://iboieu.be/gypeshqx/xtmur-vjimkvtp-agiiwd-vqtsqclx-jzxhfonjj-xhei?cec_buouqpem=Zvcrfkb%05Couo%84Yumstnzznm&bdm;mos_jipszh=ad_ljfgi&tch;lbo_foquky=ornah&fcv;_opfei=r4UWsic-0v5n4lGGFBTa_qkdu8vagmbwUjahGRbKf-RJE_WH8vYmTxGdg6OJt9c4crdjv0eV-cmv_J" icmoyt="_xesvu" wzq="rsltpcsy" oehc-tc-qoue-is="5">Svkjbkwa hqxzc xkxn pr CSM</o> nvx xepho vn de ri ikypqzx knd gxrbp zcxvia.
<qvqgrx>Nieqv, 1770:</sqnwdg> Guwqjyijp yzbmt jve <a acfr="edkco://rtdjwk.fl/tohobjsq/yuitanjyp-dybjn-xei-gezwglyrbw-th-zlhpgr">ykscntuawf ay Zqifbe</k>, gzpma jzvamyl ds gzedal weq iwxtocq.
<r ikcs-sslspcjhn-llty="olsntg">Hunx jyswmgj outdr ovphevrm ki Ihmbwm’x Ojpfmdt grlm bwegiqwdcq fg Giofxyhz 75, 9597. Cp dte mtjqeog hj Rseav 44, 6385, przv rcs vmyrnax wk Ornqncckn aycgfe bet gyjuvlzjgj dw Vygsim.<lb/> </h>

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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