Peter Carlsson is stepping down from Swedish battery maker Northvolt after the company applied for a Chapter 11 bankruptcy in the US. He’ll remain on the board and as a senior advisor to the company.
While the company looks for a new CEO, it’s going to be jointly run by CFO Pia Aaltonen-Forsell and former president of cells Matthias Arleth, who has become COO. They’ll be supported by chief restructuring officer, Scott Millar.
“Today marks a significant new phase for Northvolt as well as for me personally,” Carlsson said in a statement on Friday morning. “The Chapter 11 filing allows a period during which the company can be reorganised, ramp up operations while honouring customer and supplier commitments and ultimately position itself for the long-term. That makes it a good time for me to hand over to the next generation of leaders."
Speaking at a press conference this morning, Carlsson said he took responsibility for the situation Northvolt was in. He clarified that he had not been fired, but had taken the decision in consultation with the board.
“This is an unbelievably emotional day,” Carlsson said. “After the past eight years — where I have lived and worked around the clock with the company and the fantastic employees and built Northvolt — I have taken the decision to operationally step down. That is where we are today and I am confident that the company will come through this process stronger and be a slightly different company and stronger financially.”
Carlsson said the Chapter 11 filing allows the company to continue its daily operations until early next year.
Carlsson said it also allows Northvolt to bring in more capital as well as making the capital structure of the company less complicated. Several shareholders are in discussions, along with other external financiers, to back the company moving on, Carlsson said. He added the Chapter 11 filing allows the company to do write-downs to pay contractors.
Following the Chapter 11 filing, Northvolt’s focus won’t change, however, the strategic plan may see it divesting battery systems and bringing in partners for cathodes and recycling, Carlsson said. “All of this will impact the company.”
Carlsson said the issues the company has faced of late are “a combination of many factors, but ultimately, I must take responsibility for the fact that we have ended up in this situation. I accept that responsibility,” he said.
Carlsson cofounded Northvolt and has led the Swedish gigafactory maker since 2016. He previously worked on supply chain sourcing at Tesla.
Under Carlsson, Northvolt built up its main factory in the north of Sweden, and expanded its footprint across the globe, working on sites in Canada, Germany and Poland. The company hit a rocky 2024, where it has been unable to hit production targets and desperately needed to raise funding.
