In late November 2024, Northvolt announced in quick succession the resignation of Chief Executive Peter Carlsson and that it was filing Chapter 11 bankruptcy. At the time, the company—Europe’s former great hope for a domestic electric vehicle (EV) battery production base—characterised the path forward as one of reorganisation and repositioning in the market.
Even before the crisis, Northvolt had reportedly struggled to meet its monthly cell production targets. Now bleeding cash but still with obligations to vendors, customers and employees, the battery maker decided to sell the entirety of its remaining stake in Hydrovolt to Norsk Hydro on 13 January 2025 for NOK 78m (US$6.8m). This increased the aluminium and renewable energy company’s ownership from 72% to 100%.
