Northvolt’s core technologies include lithium-ion battery cells produced with renewable energy and advanced materials, sodium-ion batteries using Prussian White cathodes and biobased hard carbon anodes, and lithium-metal cells manufactured at its Västerås facility. Its vertically integrated process spans raw material processing to recycling, targeting 50% recycled content by 2030.
Three main product lines: lithium-ion cells for electric vehicle and industrial uses; sodium-ion cells ideal for energy storage without cobalt or nickel; and high-energy-density lithium-metal cells for aviation and high-performance applications.
November 2024: filed Chapter 11 in the US with $5.8 billion debt; January 2025: shareholders voted to continue operations; February 2025: job cuts and scale-back to focus on the Swedish gigafactory, Skellefteå cathode facility into care and maintenance; Volvo Cars assumed full control of Novo Energy JV; Gothenburg cell factory plans became uncertain; March 2025: filed for bankruptcy in Sweden.
Investors in Northvolt include Volkswagen Group (€1.4B), Goldman Sachs (significant stake), BlackRock, the Canada Pension Plan Investment Board, Swedish pension funds via 4 to 1 Investments, BMW Group, OMERS, and other institutional investors.
