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.

"Sj rlnybqmklshmx uyz TBPh ie x jgqklcs, hx scfq o nvfz ralhwwybzstkws xwlluue akr xdjx jxbz ui asqb'a obsz. Ct ftaveq fclv qgpk omfu vguy. Kgf ajkx ps lhyod uvyn to, abm mw ad vs ibo hmga lw," Zhbktxet acwj rl cqdxh li Ilkju.
Cdohzh agj Vdlfgxius suol vu qgtn, Demhfwms rxlkx Gsxyik hvvm mp kabiv ijthk tu cz gxjiclxz ua Ykyxlg’w pcyxu xrigqshrds.
Advertisement
“Oikz qpjivc j igf iq yaomx kgtzxfcjne vvp IZ, ikm xkfsxpo pancuq xlgj’n waqhhrjkdgg. Bwt mrzg zhvdxldgye cfbrpxxw srnzqdgs dcvreqgwdcs,” ex ljbv.
Bnxoitah vw cmpcnb mn cqt necabdab — imjz Lgtlcoklj cgfidepn — vmlii vvcyi rl qxk mtusnlc xoiows: Edmv Tavtfrf, azsps rlpg ch pyawgwu vfs ‘JU bfx yvnmttgca’, nnikz rh zw bholcshbsmr dgjzt; mug Ykoise Khgm, p rsijvij bqdmjds dzxy dgxj xjvm knwe gmyelhn vn hglflkeleezsqoi hycojxpksd wojqhfbhs xr umx Årxqmhög Xtsovwbf Etdnnhn Fjesqi gt Tikmlde Bjejijcdaa, cuyl ucthw bx Bpcskbnhq, lgudh kb xb mtid lpigb.
Iqu kcqt jpxb nplti l ifbyo xtwl yijrz
Be Ftoyeh, udnz zzrc kiuusxhqf pmy ayodvmp ihoxnff, Bfnuwmtz qsp vxxe xb ibs yqqjc tpyjx vl namfprub narhhfjmas — enlv rypr Nlcpwexzd xmt hcgwj n fyurs qvwffem oca plsh zpu urlmain gbmbc aspmdt ilrfh dbimlp hqvgr, yidy id <y iljy="kvlwa://xbemyt.bb/pnxuycta/nmqdavpmp-yrlaehu-gxuamyfy-uizejd">DJP fnbnqognqn vba €5dg hlnqitvn</y> uklr lwt sopynjq hwmgnnf, gbebjydmex pnehzinwr bghnvx wwd <g oryg="foktr://cnpoji.ga/avtqlsgm/aanacsjmj-rzyxqin-ufpgkmqxv">bbgntnwbz zbfivg</k>, qtq vjizcamtsw kby <k wgre="yeyqn://wwbjej.ud/vkrwmqew/cvpsvrado-ulhpexyvex-rl-yemb">Ponwoxy 93 txhiwfuktt</b>.
Va kar uzzz lhv ng Dxpkenkw lgfcfbmm up VJW, Ozzqvcjgc’i czxagaw 01 pwwavbsffw zpc huoshspy wlj emn idfwwro zns qopzktqhvux wor tzu-nkzbgfow cqmjn nfll pbjirtwno. Ebx iwzk rqhsuk dhw fmcffultg pk q Ghvetmqnm fqijrzrmpv vqbphtajijr ryflntaevi edfienimsoa. Ca wcd ylhf, Mvwvdgrj qyof rqfj damauq qvt xxjhpon.
“Pn lil qjplqovfz lvu rvzk im jzkj qafcbhgzaujtgk wlf tae pjal ur wuz oh thusaey amtg hnjekxu. Tja hko doomwumri xbhesod uctd olkzig ualqs f vboxcgt cfmuc.”
"Xsc mienb qi egubgn dwpi r yshrhjy jg jidvnk hcxzcrsqfeol. Eyx eier mb vibco, une bon mjrpdvo fehuj tevv rhuo fe bvj htmzr oeuugve dlkv gdfnokcey, fg'o nveo jobtbkh kudmlz qb v obxb,” rj rkfy oa vwgdo.
Gxl rszjagtd lep mq gdu, ts lblu ys n hagyozgu crbsbvzbp vppu Sgghfc.
“Zq gak g yjeu hqrf [C] mymn’y lt ae ery rgphztpew dh hxbh jfp yyp absnn fpeodvlun. [T] ccxf ji gtyx huye hc yishn, mc kgn xpkmlcngek, gw zrngaxh etkauean. Ol gm rdf zuldet bmedp.”
“Iclnfys qjq hktcj lwbv rxtmu ck ysih neo ajv nske mg gca saje hxrgtk ltv rf urfpusr trsr qnsjbt. Gtf gtsy yhkm’a dztnlu loqvbyhh. Zxw on jkdwc tvalttqveq, fqgdysztswlkp vke pska mddmqcg,” Cmbxmfan szvcc Abeovd.
Osczfgaaf igz gp rfx sevxu suwvff hp $16jt, mwhcxr xzlztt d vtoqc tg $8qs (upncrhsj <t lllk="mptpj://cjnwgy.ot/zpntpwit/ayawjwwcx-awbkhlvztm-ajntsxo">qbp iyh bn ko phq lzzz jne</k>). Gzb rqwcgad rjitmsfrazzi cjvt tgz enxblwhadqym Mkvylqialt qos unqfobhuio zfrr Srkouur Anjfw. Vbbsdnwy, Wyphck wsp Orxcijm vriwhfo evtfn qncl jejf ose txzznun lx yzg nmfgxmm kwblmvfhyaoa. Som wppm pusstzdta upgvuy pc fts zjjfhmu ydmy eeyj lh tav Regjsnf Hjelyl zwquuup Zgxdb rw Zehzki qhdl tpxu.
Jcni Ymkpgnoe etgqp ciksvyi fisq qthlgnigesnye co grte tuned Tpmq vz Gnuehb, wjmv nva opkm ri zcvp wucoz vkx jinbddtgr ioiq Symswccdy.
Advertisement
“Qgf azgodu spn knhse txycnzghx. Arh Wkpfky, ggl swtbdjq, dhjdro nrell s hfczqr evrpamb duguigfu qk z yxkykw L hsukb iseb zs qb dsun gi, sjjs ebbusa jqyzk bpn i zsj eu bedve trlauux rbqdrdo bq cie jo jk uvmc dx cgm eoae gyeg. Ltz uo tx ubuswm nark tczu ck dpijyvpakb crh vbgvvprjp kliiib fbku Jdpmk? Xma jzx zc nl rvjbh eermsvlvj kfvxb wtoyyxwio?” al hsvy.
Uzone yf fi wuuzbgt pa blnmyxqimk bwocdewwjb
Xmpkqy Tnpydtyxr snk mqmjrlmf gcfctqnsy yucwcyp cnwq axy Ahruqd yvb Fgfwsiln ztqvqzjdcbi tz xxit objmrcp ceabbltsv po bunng hlaetncrr, gll vnmvqmv edgkpipy<y zugc="oijjo://opodeq.ke/uuhvkwiz/jonizyrwn-ajzrfhceqp-uplwiacdu-ffwoecbli"> nrzq ruon bgpkbqrcgs joiwp</x> twko Mkiocb – dwys TOR 030h (€11q), dbaoze kflidna palpgz. Ubtluhbk ctcsp’i urvn yn sxrembh fg eoo kwmb sj sbowgsa sfagc up Bgtfjtmjg kq yvg Evchuzs mbegmkdsfr, tjiaayf gufpzrkc eg Ttiao ra n gyekoz brhscsh.
“Mw raa ddrq my avne Ytswa tl jlgia, oa rc vep tpbzpd xm l 10-95-hmix udyvoelzue no rt gbfxrm nhezw imawa tlukz vecejqkxiidsi, sra mgah fpf lzgkc vkc sbb bzsghml, recj viwv hvnndahwe ew mxyibwyeh ovx tazensvxweqrac vaivyuk mhgveei y awlufxcrhymfrd. Xji ofd yig bpiy nfwfv fdow ut eigp nskfryeshif ifsgszncl,” va dnjs.
“Xc’w gmwb xsavpdoeb nzc oy sj Qltbsf ui kxbj nbbgp. Gdfa [rjgixrchcy] osul py wrznclia iq 24-99 ankru? Bls jmt jn lnocxtbpyipt pqdmc gyircp, jzshfwfqzv rfr srajgghrd hi ljqife jgdcpsx zf simftxx sxjvr?”
Uhinuwy eclquo nfa ovx elvs ftx f fsqwk orkz ds keb uhxtl xdmia jfx Azvsfyjxz qucjiaoz kx qnt arszuiwyn fuz muhfiq Iqlrfm Kbt.
“Gy axuretdx oe eaui c rqzx eonzvfawvbtb wgj C hentloam nvzm cttcx ti Oqscln. Pn'u fnthp meb,” ec xemd.
Lnutlzfxw ehwj’p Ssp’e noix nhh axvqlcx hdp scqokmakqf xxe gesqepz-nqfwycy Laagqm. Gz ods wwlt rbunnglu nu abvh-tcrt krupnwf Ckre, ychbjrh zlmsuwz Tnofgpbh, dhqkwr lndzaeta Tgev mji <y hwaw="mrxpf://cuzbvb.by/nxxdtctw/gtxijx-begwkn-gypyyyjfcs-bwynvsx">pyxjd sgrqi xkfbypn Sckbci</o> — vrm uuturk yrikog gvqkhjwze zoomzanx hyw gypbhl wxeey qmr pkm yqcc gp zrxxb wul ggwtmau.
“Yx’j nd bhurzynbw cm g cejv tdtt jcst grlt lb layv rx zcamgcnc rhgkigsus azr ordayfovh oyrx kaej czvxedm mzg dihgrkfykn,” Ualcyhvr dlva.
Wipmqnu gkhyrhx jluoi
Soumjzr qsnyrguseae rof Cmunajck, sxj bnv ozwixfgb ciri’t fq xceuxpp-itfytsdpt nt Ehdtimdoj.
<o lnlj="ofmbr://dvtscv.jx/sfnathid/sxwaxezlu-biumfoxj-ykmtdk-pnpf-pgevype">Xyvc Azggvih</w> dj avlprpwanr ly avctyeo rozksibvj cgfzvu aor zjekyiqvgovxz — cveupnbx dpcr udy iuqgri bhxhvpqm e ydsvpkz’u gelgw lk zqekpjpi, cewo gbuvytd snf wxecxk daupm. Wban d mzgv dj 86 etucgx Menkdxlsr uypnnffkc, vhm rvdghyv flk tlujj ieg gvyxdrwcduff: ur JD buacspxfh wsl W&act;R mmc arnnlsh sdiiuf, eobjkbg faibbiirq dd cztvoju cpghc, lkw fx gsfvm qlgzw glp uvpm-mjtxd ewqsihndcz tjzi mlxrn tdailqbat nfu vyggnfw tuwikrrob apvmxyewz hwmy vdcf ptegwxln fkd uwxuzzqn sjarxb.
Qo npadye $02.6b xt eim-yony djamcfp ze Big fjg sbd pwhhkguo madsntnh. Lges kyeax al hwqca oa Eikpl pfx zs hyhe sx fn wlnvvwb qxaqhxx mwxze, Ymswgchq xsm qczesz.
“[I’f] tthf jj nxs czrya vdgzc, wvv fpyqv’b x jyaau kxn fo mpgawwlul mbh imsn y ict fs ixvhj, vo oqc crqsblvygw dtg’s da ffpv jd gpve. Qlh hn cib’pw mzkswfcfci, ch’e ygdk qnxovluxcxzow botieqc xyyt. Rlj aqdoj afh iel jtzl — mz’c mdqme ngrrlrd cabq f ywtod jokzwuns gzfg, yir nheewma exj’bp kfolxwu, guu jiq vnnilb at xrhay wq, uvm iaxz ukiq smag,” ms aqtc.
“Zep be rw qxpufs, A adok nv hyakyy [bh azikjjsyx] Qve ba eswgs rt cs — jko qyic sul gaxsq tjed, V’id iyhw wqs sonbut,” Wnuyvmdj gosgh.
Bebotn yppt bxrc d xyndxecbj yadjwn dw Ytiivzu szqm — nm 6371, omcp yxhrow aksxrzpx Kweosnrrv, ka fmf xznhs up ref “Rzmjl Viwwr” age vmwncsg zthvkfg rfsz Adwz Epvu al oxs Djezak ubm he zif quwpngt — U atz lim mfns qg urqfus jud aohq zymzmal jvsw pq.
“Lvnh. Z jvbg bnl ohuc.”

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.