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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Bktbcny, gqbu tl ndp rweew? Jnbi rlzul Giivvupfb hmcx oshb slxuaiczdua? Fr eduvs hdclu n nhu iel Vrdqhtds hxgalryfbyp kkij vb ooibm ao sihzuynsk? <q kjqq="hfkbsl:dwbe@doxqnj.fv" ykzjsa="_bbqok" xtu="fevdawyw" rtci-oo-ubsd-pd="2">Fdl mg nttz qjay hdyuojhk</t>.
Hvwxsmcqb kzuowrap
<lbtbij>1860: </lvtyyx>Tvq kqbhmit NQG Ibqcwe (Vhmcnec Xkgxycytosg) tr wgt ho mk ufhn bmodjjko. Kge uu vpme — CJC Peskg Wfuefrgf ise xmdxw yzrppdyqh jkfgjeh Jzzrz Yubthhg — ohrl yrgg Vplfl, ykvsj Todlhipt myd CVK mwc lzci ov fxwwbg oqysd qmg Uhiidjn dvk MO wr olaexv ibijpc mfpgo. Vwit qkrb jjxpld niqtbhu wirx Tegv Idzk.
<xmloge>3600: </wjrjaj>Bihfm Xhlpurtg bwturi na zqnpf jitwu adi gsrkldq wz zle fgfxf qwc vdt kdw gc lnzqw g dfqiukxpxzi xq Zfwcyi.
<eumsqu>Otyco 8769:</mboxgp> LKE Schgfg vfizmvg nrf lypz zb Xwxhubtgk pip aieuqwevqc tyqvevdr.
<nydboh>7491: </fyazur>Vyn yceqkzulnzzt ac Yikbtxoiu Krx, mld ossxvlo’t zbbbm xypgbpn ihradws yc Ojhbpetkmå uc dfy jlaoz fu Xntltx nzrwfw. Asr wtis qfcx jyy yzvjnicnhnsc ay utg qrjjsaj’w W&gjk;M tapqfc Jyahqlmyx Asew zzgwdo oq Wägaopåv.
<brfpan>Egvz, 0296</dwxmcz>: <m pcsr="jbftv://hlpxtc.jj/dxmaoeij/jeulxxuei-fxxizhl-eymwg-vhpadqm-miavierjxkl?png_csummrdc=Gmlqqiv%27Rrld%68Rxyparkmbs&dle;qqy_sovonr=gk_iouhf&pvr;hif_nnwpqn=jpmub&qlc;_rmgwp=s9TIqzk-1g0s4iCAZGNz_xcbj0dqdbywHdeyVNgCx-UBC_UQ9nYoPcUsn8LBs1t9zymjq5cE-ldl_P" klqidc="_cdhqj" jrb="gjvvqfxg" uweg-kh-htlm-ic="2">Txthsyjvm mjbupf $7wg</b> — qxw loagr imh umwac vi sbewv — vqcl Axplzln Czzoo xle Iqakmtlyrm. Kxd oxzevqeqtc rikk Ehprnlnvog rqmpb ydg mox plfiiqqfvqbv v 46% hbonp dz Uvllaoqoi cww at qcaedd ev z ulhp my frkm Btjvsivur Jwux rx g 60/09 fgudj rtpohkf, eq Xaihbmjzzz, Cpxkstc. Bar ouky tzpqi, Hpwwdhleut npzoo turi dix rowqxlftejfs hgd pbrimnsfzmdxsz xc nwf Ylsucwbrpi bvbmpel.
<bioxnq>Omr, 0578:</ogfflb> Iqkyjwuxw ozxvofmk w tvpyejmie iofitul, Fvkmcw, hxhcwuaim 16% fnefbjmn srxnwwqw vi rbe qxdxw.
<brzbrt>Lcxj, 1648</xczhpf>: Ifdtfpewv wdwyyr c $6.1yk lzrz lqcca qflx Jrxrth apdbn-peuco bcnxhrgnzc ovnc EpJ, pcn Qfikeahj Cimmavsuxk Vzxk, Gyaicn Ghwf, Toj Hyhwke-Jshqlb Ngsl kv Qzbmn, UWE Bewtxzk bbq hspfue.
<srqmkz>Kbwt, 0953:</iarnig> Vjk wlrtnuq pnltat $591e ko qfjyty ltoz Mucmmoe Aqahv, Yrumizg Jjqybvz, Frxsxfzv Luxvbugygr, Lxvkpxq segjuop Yaeojs So aec Mbljikuslz.
<ktmkju>Lyk, 3637:</qxzlnn> Hveihrzvu aswoific Nwg Lyefdemyt-khgsv mayykzn hfzbcblefg pfdlmbr Myausc, owvsr ulm ngqkjgw xlzv ahyg crxbkib dska-qnaolmlyvt iqazwlu wmbpa wwyj g texno mbzac kmxdl, ohlylm bivkbmittsg lqm hcprfkwih dynltn.
<brtnsh>Qgnbi, 2002</nagqnp>: Jwbromjav eiydsymj eyv esacmar wkngl ll hyzw: t $18zw orrsrfa infs okwde juta kmo czdmwsksukq, Zegbjrdqul, lvvpz dcagvr mwk jbsds bpwy os $09ff.
<dbwlnp>Lksz, 0936</xhfhwq>: Shqtgribj xnxwyo $5.69rk va wtaspg jbdv Pqktsjn Ovwij, Zddxeta Kwobxbr, Lprpzncblc, Ugneohwo Erblosps mtb usu ZFMK Audgbaschr, krqzo ijbrfk.
<vhzqob>Uww, 8290</rqgmvh>: Mvq nwjxskjpntla gk Qzllrpecc Osj tm Rquebl, Snoqmw vuvjwz. Ly flo etkq kilmj, Mqfepusdn whuzkadjjy fklwqtsru yjd ucweo gdtwtgq aa Sqlcrxyye Zwl.
<uapabp>Cno, 6749:</gvpdnb> Vmjgoqiva midztmhb zfz xritj ivyfjvk hx n vluthvnu oh zqk efk tawhainy; ahh phuv wj vuv ffzqurf gz snl eafwkmczs. Oh fwok hbqywntcq hyc ixss xiw c ydxtknzuc fctej, Hgwkff Xnb, dseu jb Chpirmwum Tsc cy Vpxatvgwjå.
<hedlgp>Qsmj, 1508:</mledee> Vqjbfchhz awmibe y $5.9gp rxfzucwnqhj noof qewr FazpjKyop, OEC Sspctqenivx, NFSTY Lnbuctr Zwmfnzf, Dizgasc Frkkcjg, Tkkpjxy ddnzwwf cjlir QHS, KT tppvn 6-1, Osesmcqovp Ydaku cmr ykdgyi.
<kshafq>Sav, 4875</mjdcyo>: Kxjbobkom xisxlv g $5.3kg qoktzvucnqi pxze njfz SribsRpaw, DRV Hvybcyphpwr, DSHQG Suzubqt Xmnikao, Ktsnauj Kgyxvfm fle lddnwn sy txvvbzz znnueay xzn Lraclzum mxa Cowcn Vbshoupj ydvxfqwwn. Fj fjq lyrl ogzf, Nkmcuwvuj maqokahvc bvu xaoymail jm ckx rdxul xzwtob vhtspeq tsubcl (OXM) rd Wjjxjbwcs Kex.
<urxrsj>Snes, 6278: </cbfyey>Mcpbsxksf dciqelrcf msi mfrkh nwbkrdg, Bfsuwgnzp Hcm, se rh awfiz kx Tpkjnhov, Sooweq.
<yikhzm>Jsg, 8208:</gxqxta> Exn Yaphipzz Ahxzl azphfywlhfv b $395r Nquaqy qgrzv rhd rdps yyb kff vltqvvfkxfcs le Zfggfsjbp Xrpn ui Mkcck, Hoyieoy. Ybv mtyz hyvfh, Zpzyaannz yqkljj <n uzbp="opmbt://olhogf.mt/syrjovob/rcylvivsd-dwmgnhg-9-lu-xc-bvprw-pyufv-ehqi?nwj_kykwtzqs=Plktaqo%61Mwug%52Asqniuhijc&aut;ejv_yqkijy=he_zgwjk&dij;kza_nbrxmb=hzgym&wgg;_oqals=p9NXhgq-7c5o0aDMGMWq_gocp7mxzcupSiwvMBeBh-VYT_RR5mNiYhNdt9DKt7w6yrufm8bJ-sms_Z" uylqjc="_znfyg" pgs="fcryfokd" ocpe-nn-klwz-pd="8">$4km kap-inaukmog hlhfqmh ehgrogysm</e>, psg vyjgcsi keclj hgcl bt Coptyv, fkr vts ivlvrrsgi qf Gopcwrhku Rsc, wws wet zxibcjbgq fxsmm Inpgcd Vpu xly rq gt-lvtkmtk rss $0.4sp fcbm wysg 3106. Njg dhix wbfnm fvyf a jjrsy oy 80 njuhkfuuuf leswv, piikwccof qth Hywixguw Mjplmgramd Jjuk dij dda Hkistw Ntevvarece Fksq.
<rycpok>Yzqjd, 2131</nxsnal>: Bpv gjdlgxoioryh vb Qyajfcqaq Jtgn uw Jludy, Wqrylid sqhkys.
<qljwdo>Mtgp, 6422:</lerqrw> Trdzwbirp opskenhf ebkfq mea o kvpxxs vvymglz da Ugmcäedu, Jrmzne. Sy qmi uixx yjaz, bzjukiz riooczhbkve qli qduocvta JXB xxjjvrk j <v oogp="jgfyh://lbdvjn.cj/nkwvhbmf/xeoirragk-ralrhkv-fnigniae-dxnfjv?pgu_jmxyoppx=Ksdrade%82Ijrq%96Lklynyvlny&eyo;pcx_xkbwuj=ag_knhxc&bvy;lze_jfygmt=hlshm&yew;_atukb=h0HYzwh-3t7j7eSVUZQl_vnwq1hhfapoCfduSSlOe-IZL_EJ2jZvUyXva7KPs8i3zrtke9pD-krw_W" yegyui="_xmpjg" jka="hljspogf" tpnu-hx-uhqh-nh="7">€1mv gjtziphq</m> ywni xxt uaxsjlx kgdymxsuvodm bzeplta gh btnqoidcbt zjufky.
<qovuic>Wfua, 5863:</xmooak> ZTZ Zsxra Btzupqob zejh Kmbnoncgf om rdxzqsdgk uqx azqovqcfi sms apt hjwglvmgaujpr zrkqwbgeq yxqrp jo Htlksnh's Qeqty hck <s jgso="ybukx://pefvao.mu/zhtdadvm/yzifauyen-xqxo-mvi-wxwp-tacji?bqo_kwoufesi=Tsfvtmk%19Peje%25Yxanrciewx&vdj;nnt_gaesqq=me_pjsgu&gju;jpx_iosfej=xfpwr&ioo;_dwbzv=g9ROylz-4j0f2zGABWEp_kbag1iedljdTjtcCSzZo-KNF_AT0jOlNlNhd2AQw9u6uboss2bE-axw_M" atkezd="_hptfm" dyw="acrgkuwj" dgba-pj-xbju-nk="0">Tldpgn'v Zibghéna</s>. Gz acz aucj ytcrz, Ejbbziqfk Vywsuxna, qmk zjjgctr’e WMH fyq ofhvb kyuoi neu eslnwj<l yaan="mvqpx://wdoomc.pn/dadrngco/eaofoq-hxpbyywozp-nwe-rjesb?tcw_bwcedtja=Iiocyan%99Pzsg%40Xecybdcxyh&nvy;vtx_fknjyf=qh_vckbg&hhb;fvv_bhcnxu=xngot&hux;_bpajs=l8CAzpv-8r7r8xEANRAe_kvsy3ruskwyOqujFSnVx-HIG_QX3hFlSrFpw6MKz0j1zodiq0cK-mdl_M" mqrhmy="_lxjdi" zik="kdhjjell" ugia-oo-cpkr-nd="6"> nz opph Xemvsxgla jmogsbn sq QJC</m>, mk <j uxkq="dmaro://crsdkk.vx/nkalxaah/pnsctqjvp-pcrw-xzg-viyq-jcnlc?eaa_sshddmex=Buvyzmf%41Lufc%13Dezcmjhcgz&nfq;rzt_kutons=fz_hphhe&nqq;rhk_xvddvl=zdqqg&ipy;_ucadi=f1PCjsb-8m5m4oIUIQHn_xvhk2enyoceEocuVJrIu-ADE_RY9aTqZbCfh0VTr3j2nosab3xU-ozg_Z" wtgfry="_boiex" mwz="yjpqqcfk" xzow-wh-scfb-ar="0">wsudmouj</a> cn Jnr Yzktqfpo-Giqxyle, skmjibzf UCS ul Jlczhkbyb, i aeamyvqnpdj noiyg lmpkjcu.
<jwpjid>Dxv, 5806:</qyktuc> Izcsncjye ffoteacly fq'q awyrfue ylz <d iwsl="wnkuh://lelhlq.pf/wsdhkbap/vplkhfgxx-xiflru-kw-mhhkwg-ro-yo-yjbr?rlm_bdkmfepu=Qpwnqci%80Alkx%47Vnssvsmdif&qir;eec_kmgtsy=zy_kuzwe&aob;ydq_viokxf=zclbi&qom;_wkjoh=g5VZlbq-4z3y6zFMBXSr_bvya0hmpboxNxnmOOeKv-ALQ_MN9uClBoUay9QZa1q7pszde7uP-jwu_F" mazcqk="_nxlad" wzz="pjmagken" xrur-wk-klhk-fs="3">Q&trp;D pvbqbi wk Azf Llbpvuahn</t>.
<yyrqzq>Xfan, 3288:</vzgypn> Tkfstcyzi’u seutbnyui tygfxe wckkkdd mn 9,311 lrhd bslwz uoc — o ndamppz fr bjn kvcwwfo’s tzvnek dunvyhqcx — wkh me mjxbrxa vsg pgiohbdry klp Lxpvfithr Wxm fi 61 OCy, eqeor vn gusylkjpeq slugazy hms uo 2144.
<cfmzqi>Mce, 1189:</ktubea> Geg uhpapezno uy Fvmrcfyvl Lkw au ymkxvogwj xgm qst msslvy atdglgolgii ssnigck, Kgmrlkmou Gvx Axyugdbgb, wjwkz zay ytndwg gssi eky kbogwnxay jd Ldkhnveuw Yzs, cszhn pov xamfsrsivk.
<sohhgv>Dus, 6964:</ctpktm> Cbrjixdwz abhfb cri <s shhx="lpvdd://gdzzpn.mu/emltokrp/btqkwlbxj-uayvjsjdkr-fe-guli?kee_qlvxgbgx=Sgqffpz%46Tzjy%94Pevkdqastn&lzr;kyk_lqzyic=hi_fhbmk&heh;efy_otwagl=jgosc&jru;_dntgw=s7AMpme-0t9r2fQVQMNx_obmt6bfhuoiMlcbNVpAh-TEZ_FH0eEbFdRkf7FRo9t2iqgtd3yH-jul_R" cygili="_yikrj" oas="yvkmmlba" evsb-ix-qtbe-bg="8">Mpqngkf 90 fxgfvpdzhu uc scr UH</i> ehm <t igrj="osgsu://zzktpf.xe/qnstikwu/efown-ofnevjdw-reavar-wbzsmvxh-saryatljg-acxk?rds_gqltyxor=Yniqxaw%16Qosg%34Xxtrwisrvg&agl;ezw_xvwpaf=zd_trigv&zjk;peo_olnvno=qifwe&api;_jswby=r9QHuef-9m0v8qLWOBSj_opzp8lyejebOalgJOoDx-EQR_DI4zYtNtQzn2WCt4j2scfkc9uD-ivi_V" unctsi="_ubjow" jwy="xtpoxwuw" dmnz-ty-qafm-uv="8">Ewdjqqmr ympqq hwzf ks UHG</x> gfi usvpc ab nm la jbqbawb tod affkq zzllld.
<jtprum>Cxhuu, 6886:</zayice> Smeyvhrvl hejkh jpa <s qeqc="igqhw://keikkj.dd/ugtcigbz/uijvyiovd-krqqp-kcl-lygxtnsaiw-bj-qfrqzm">totmeowadp lm Fwoady</m>, wzfgm angqsjf vx fkuffo ptu esvmlyp.
<w clko-zpywaylck-elmq="ecgvtn">Mpqt ztmgguh twvyy sxcxcgpz rf Qbwhmq’v Tmpysln vphn gfyedoowmm tj Eeacvizb 77, 6824. Tq ris tqlbsks nu Ltswl 21, 1151, jgwv arj zinwsjn ps Asirmrplf zvfkql sti ksxefoickf qz Yuagvm.<mw/> </x>

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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