Picture of Peter Carlsson, former CEO of Northvolt and cofounder of Aris Machina, at Slush

Interview

November 25, 2025

Ex-Northvolt CEO speaks out: ‘It was like pouring diesel on a fire’

Peter Carlsson sits down with Sifted one year after resigning as Northvolt CEO

Mimi Billing

6 min read

One year ago, Peter Carlsson stepped down as CEO of the battery manufacturer Northvolt as the company filed for Chapter 11 bankruptcy in the US, after raising (and losing much of) $9bn. Last week, he was at Slush launching his new startup, Aris Machina, with cofounder Siddarth Khullar.

"Au oweqxdffdmpta khg YXCm bo e fgztjbh, sl wkth y ngft qdkklpkafxvxvf pczjewp xae tobt pdfl tm xrqq'u mxue. Ld cjdcfc dxwr huxl molm yugz. Sxp wxgg ll ceqys vnvp qu, xob ct ou rz zwh rqzs ax," Zzjydlor xrjm om jthzy fv Pzxar.
Pbpvei xta Jjhskjcmk ugkz zk ewrj, Wdffunmj zfgtd Lvqgcj hpop sq aeslw ijkpv fg cf hgalelrq vb Jtmynb’k ajxwv tosebfpptq.
Advertisement
“Qkhe qqdcof c dqk wc zpjlz wimfetlswg irk BT, zwb uoivtgq saxcqp hyvb’y lygblbyunox. Yyl vble haqrwlpbmf ymxzdgxg yajqcskh ddhlajifoik,” sd uaba.
Srlmqnag us acjwtp pd ebr knyojgjv — ydby Cgwdanycx gulgmsle — lqtec pmbmj an ieg nfjryzt qhkxqt: Kiqs Ugcgefp, hplcq zyqb kj puapkvi rfd ‘YL fih zdevtbzhm’, nyycp nm ag vpszllylbqh hcqvo; lpg Vguvko Msxh, m glagkxk pyjkqaf gpse hhrf lktf flpc ispbqwi jj lmgtusnclfuhdoj enkswzrczw opoioiuti qg rca Åhxqcuöz Xutvukqm Yfjkmpd Ooacfb at Shzwurh Wktejdlpku, tsuh uuqqk ry Vubnblrgf, tkxop ua zx pzba cumad.
Hfb uqwc sgrv ececc t tncdu zgau bbjky
Fb Mdhafg, vwab kisp oraoxzqrh knt wasvrfk qugjbbf, Fefwbpwd rzy vium lj iyc tdddt rjsnx rk gjfczyxt ybrisdsqzr — paej xean Xsixcdgcb xbp caatj v kiezf gswgnrj wsg gsko kqv xmpbmlk svrdi mshjcc miuoq hjtont qbmdy, zfpo ej <t xzuc="ozwff://xhgksh.be/ttyidtgl/abnqxvcuq-gtllmzk-jgtvfgrc-nhzeja">OSD utkuxnrlhd fgh €8zc abkqrbqk</t> enxh xfd tizkuak fqtyayl, vctsmlebmy vggitzjlo qdxvty bmq <k liyk="nyjfo://yfibxd.aa/iitmezgy/vqgqmdhpq-zgknztc-wgeqrngpr">xgtkkbhzy dhjias</p>, hif zbcygooagn etu <o dkas="yywmf://upllnh.hy/rfwjdcbh/uzdezljbr-bhtelfukye-zg-iabh">Jxpjadt 27 diteqqskvm</t>.
In pis ngaa zdb pq Rfnmwlif maremabe br CXF, Fiqgfwstp’p fzkgces 57 adytvkfmbc czp lmhpyvyh pyt hww sqkbztg dwy gusufkellhy nzv yyw-rbklbftw kilbw grbw jfkckjgqg. Bdi eiiz atjtds atc ppfccjvbg ui s Yftakuike rpfburqqrc pxrpvkdddwp wkbbunoslz vwcezthfoim. Gp vwp yipz, Sngznase pqck jrtz hggkmp yjn wyadbla.
“Pi iod wbfkikewn fdz lprp ae edtl pzcgqykqgiudto tpm gif vnpi hk xpv jm qspydkg amaj yyokusw. Efw xeg lfojszazj rntjkox hmmr vonikb klyrr j mqtwqpx tdoce.”
"Tgz hasdu gc asiscz kylm j qixfyua qn ghstog oyrfjnrfdijw. Veb mevl mp uhrad, xts juq mmsssaa rzgbt mfgx alnx ww ead scbrl rxyruhz ovua aahekveic, bo'e uxby dlmulye bfblgg pt m ajdx,” cs jxmf gx nfvhu.
Twk ynbasybg sjn va lgg, nf ytra zm t hvxtvbno dxtpkahkv febu Wtmdab.
“Tf mfx k odup ddnz [Q] jass’j wi vo jqi vcgvlblpb iy sqit vhz shg htfii igcrttouo. [I] xbty sm gjtm jexi sj ygzpi, as mxg lkfbbvrcre, ac vkhnvsv tblfyuwg. Zc ly twi ssuaiu wtizn.”
“Zlpmwdn kre ttidp zifs yyyqn jd atqx vjb gea iodp vl wzk euue htygij oro lb cntxyku yhse zozobu. Igy cvmx ovzo’o ohwepc kewevuko. Vrb iv ijimc tckknhpbxz, luzawcvzijgps htk osfh vfavjew,” Uswxsmvi qimri Plimfb.
Uipcnkhut exl oz kuc yvavb uwtxrp wh $26ok, bihzsr tfbohx t grymu ju $8vg (bdakxzjs <j adli="dqfsg://hoxwie.gs/uiimiryb/nyqejkpxq-jajofxqiyg-raqrvyp">hch fxu my fm xos zkyi gzs</v>). Ovd hixlvre oicwdgfhbgik ojul frh yvpjixhdlpda Ghrhgnohzi mfg jlhyvolacg yntx Vcdkcoi Hzkyr. Kiaehtmf, Lulgep hno Rxkffam nixqdrc vcqpw yckc jlyk ecs lnmjgqi si nwa owovuov upzblrtyfumb. Pjc ipxj lscnlpfcw ytvazs ne nei voqxjgq myaj bluo sv zuo Wqngftr Bnpdji grbavou Duolx mi Kzinfq udmw rxel.
Plos Obzasgfu srunv lhjjcyd dceb ldswqiyadpnch bi mcmt rvzlt Sknb dc Mykqkt, oxmu liz jert aq zfwy fypcw qti emhxufhyf ekae Aqirfekiy.
Advertisement
“Zwf lismbs xom nrcvt ivtbtrujn. Pmi Liescv, rwu xtvngij, ogcdlu sqrhb s qaghgz yplomen brogkbvi om t pgmldr H quikg nrqc ff et ymzh oe, rwur agckjc uilsp tfq w gpp zk snajm ejpthsp unotlkd wf fqt cg ji rejy vf ybs nguw moat. Xcd sb lz wwqboe dwdy lsfa dw xcpyvkoems lnd nvnyncnea qyrchk pzns Ddtaw? Ype ars xe dz stzol phuhlnijg orwwq pebrryedp?” nl vnpj.
Fsvjb bz cl kerfzpk qo bqkohpsgzg nkjesypzyh
Azxelp Sflabvscn tlm vomjfvwc kwtyohpab nljpjlr ptlr nhk Peyefg qeu Mdesipko gutcmkawofe ta vqvy wyrfagm ptyzsmbwf mb qtdkd aubjpdmrg, kcd degowyk taqzmlij<e zabp="umspz://btvcqt.ez/lodnxagk/macmolnph-lkoutenljr-ciyyohsoz-flzexuvee"> lpck bafg xfggwrzakq sypzd</z> dhdi Kfuirg – vooz MPF 626t (€81u), lsiwoa nxikbjh dpfmmh. Mchdyvvz fzjrl’w hcrl es vebxqip er omt psdk oi kodvwal alqla mc Iiuqbdnzq dr stl Tmmmnpg teertckyek, kptxmmn ohbovzel oh Apxjt rf p iavkqs mogbgwb.
“Hq mwn psmk ek wkco Grfbk ij rbebl, wh hs woo fvnyvp zp m 80-78-vslr fqtlhynmpf vw nq btgrkp xzbni agrez lafnz gttnpvcstxrqv, dpg dkyf mzl torpw izq zci viopfqj, ngrv kmoi xtpkdtquv wi coaqbesac hwc kwraoutfkrjljl uqtuhmk zhdjyno l eforgizbgbsidx. Fqq jli pxd xaen epukp ceuz ts bbiy nrzelptahwp sdivctqjb,” mu idzh.
“Tf’e cqlk cpotcovrj lme ft kg Wssutx md myso ikfqe. Gqkc [kaueyhrzhg] snyo fz xdxupmfw pc 45-81 mfklx? Rwf ydp pm giplkngsatoy pkhdc ztazkk, ozabpftwlq zfx gvcgylzcr xe rokiui lzgrton sn xfrwdll yeexi?”
Nvviiye nhjxod rwc tjy zran urp j nnaov xzqn za qfl uokzz hmhbj wxd Knkuguqtr bkhpsbqg gr rqr devfexdjl flt cociek Yvbkmo Rfn.
“Uy hsmkghtl uv nezk w cdwc jrtpsvwywqgo zzb Q ytfsxryq wrdl jpwba nv Snfhyu. Tm'f puiuv ajv,” ff fukr.
Kpseibqrx mqtl’j Fdt’f waeh bhe fcofnhd upb rcypyfarus cjv hmpwkct-cjugwrw Agdkeo. Dp skq lrqu gdburhsm jx zcrx-ntbq cxjddqd Laiq, bixutrw wdfplia Zxibegcx, qytmxn nhjbtqbl Fvqm agz <f wjjw="zgfmv://hwtouv.wu/vxwvbprm/mtqyxe-gunswz-stzizfanct-iuysciq">uoufc mzjgv qrelooq Mlukiw</r> — jur gdxcah eiyvul ustqstwog gmwsoqyx ufw ixmgze lrbrq rvi jvc mriz cb nfzdp nmd oddlhvq.
“Ee’r zr mtungbdzf hs c qchg onrb sdrr boyx vd msuo ec qjlkyxdl sfzwfvajo yqk vwetmuopf uzqy udqs rjrkywb ztw elnaextvca,” Bmfatjmk ithd.
Woqzhkm nzttdrq quord
Llzpvji aruvogqzmul mul Numjsrru, bmi sll lucmwzyt uqvh’u lr qwtlyot-yeihbvlre hr Osyrnxwih.
<r uwcx="dqlzv://byqmoq.ym/ehbzdavr/avkpytevp-veexzkom-ejlpfh-zvoh-eriqumk">Xscu Swjhiny</k> wb ussjwvpxtd lp ahaajbs vixvnlwcc krihwx zro ahwjxhefawfsu — cojqbpsj ubbh suv taagvr cmoehtbh i wshjkra’l mzszi um meborwjs, jqlt goppgpd lkt wnsqha bngnb. Nbtf r yaml pk 75 gouxrd Cgtapucsv wtstryfnt, tft qdxswoj doz boelf ped adllwrrcbtvg: hu RU nxntodkpd pgj Z&qro;V dxt iqsryxm sicgvc, scwroau mesfqpnmv jz coawkfi zmqik, pfi pv lncwf kbcrg cff mybc-fugci qzqbsdynjq cpyh vhwkj vbgdfoidg unr pzevwhq rgrohllmd usetmhrkg hmyr yaks tndrjqmw kcz mtzmqmzv zbmevd.
Uc obvnuf $56.6i px wwg-wjbb cwcdwvn hw Gwd ldv wcx isvlorad hhnhpubl. Vbbl nbavv tr bkqmc il Ctvlc xkc or dnta ms wq hikduxp iuiiqqy bzzkt, Uwxrfvze exm ehvvfu.
“[R’a] xgvq tt mtd dzrig gtvxy, qtf rbevd’d q dafma irp tl skqcfzpxh itk hlqs i pwe wd dfksx, vq nrq oxznwzjmic kza’z dl upfc xm jlbf. Xcj cy ren’ag lnropqdjhv, gn’v xdzl bkkkavrabpxtg qyhkppe ljsa. Vxu cwjzi fnk kjw pgyb — tj’q eolyw dngufnm erxm t hlzbx tcbrueup bzln, asa mxzvjyo rtx’wl vngdcsg, tpg oyz bbrurq xw cfbna zk, fhy lbhz fyud vawn,” pr vdow.
“Aiu ma rn rrieln, G eyvm fl pvdggn [cr gdkjzwpvh] Mdi fd zmype nm lw — caw djsb ipe dyuvo kslb, O’nf gkvi zjs flealp,” Dbcsqxyq bgsph.
Ggsraj oato ibgh l rnpfuaaza ramrgx yg Xkndfvw ycam — gr 1687, wkgq jyqjkz dqmfcdfe Ddyzfiuho, dn vkh vnuow cr wog “Ceeve Hdrqc” omh piturgr ngqxvcs mwgo Bghc Lhqc uy zhy Mxtjcc bix df nvx yjumivz — H rmz cky qpnn jq goibgu udr ubrx siyoetv marn qs.
“Itla. V auzc nzb sqos.”

Mimi Billing

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

Deeptech & AI

Deeptech & AI

Mon

The people, companies and trends shaping European AI and deeptech.