# Northvolt AB

Northvolt AB is an other based in Stockholm, Sweden.

## Overview

- **Organization type:** other
- **Headquarters:** Stockholm, Sweden
- **Region:** Asia
- **Address:** Stockholm, Sweden
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** northvolt.com
- **LinkedIn:** https://www.linkedin.com/company/northvolt

## Regulatory record

- **Reports private funds:** No

## About

Northvolt was founded in 2016 by Peter Carlsson and Paolo Cerruti, both former Tesla executives. Carlsson had served as Tesla's vice president of supply chain; Cerruti was a director at Tesla. The company was created to address Europe's reliance on Asian battery producers, with early backing from investors including Goldman Sachs, Volkswagen Group, and Spotify founder Daniel Ek. Its headquarters is in Stockholm, Sweden. Northvolt focuses on lithium-ion battery cell production for electric vehicles and energy storage systems. Its manufacturing facilities include Northvolt Ett in Skellefteå, Sweden, which began production in 2022, and Northvolt Drei in Heide, Germany, announced in 2022. The company also operates a research and development campus in Västerås, Sweden. Confirmed customers include BMW, Volkswagen, Scania, and Volvo Cars. In 2023, Northvolt formed a joint venture with Volvo Cars, called Novo Energy, to build a battery factory in Gothenburg, Sweden (per Volvo Cars, 2023). Geographic footprint includes offices in Stockholm, Munich, Delft, and Kitakyushu. As of 2024, Northvolt had raised over $13 billion in equity and debt, including a $1.1 billion convertible note facility in 2023 and a $5.2 billion green loan facility in 2020 (per the firm's official communications). The company has scaled to over 5,000 employees across multiple sites. In March 2024, Northvolt announced an expansion of its Northvolt Ett facility to add 160 GWh of additional capacity (public record, March 2024). Adjacent structures include the Revolt recycling plant, which recovers battery materials. Northvolt's structural differentiator is its vertically integrated approach: it controls everything from raw-material sourcing (via joint ventures with mines and recyclers) to cell production and recycling. The company also develops its own lithium-metal battery technology through a partnership with Cuberg, a startup it acquired in 2021. This breadth distinguishes it from pure-play cell manufacturers.

## Sectors

- Energy Transition & Renewables
- Industrial Tech
- ClimateTech
- Mobility & Transportation

## Offices

- Kitakyushu, Japan
- Delft, Netherlands
- Munich, Germany

## People

- Peter Carlsson — Co-Founder and CEO
- Paolo Cerruti — Co-Founder

## Questions

### Who runs investment decisions at Northvolt?

Peter Carlsson serves as CEO and co-founder. Strategic and capital-raising decisions are made by a management team that includes CFO Alexander Hartman and a board of directors with representatives from major shareholders such as Volkswagen and Goldman Sachs (public record).

### How does Northvolt source its raw materials for batteries?

Northvolt secures raw materials through long-term offtake agreements and joint ventures. It sources lithium from projects like the Hardrock mine in Canada, and operates the Revolt recycling plant to recover materials from end-of-life batteries and production scrap (per Northvolt official site).

### Which automakers are confirmed customers of Northvolt?

Confirmed customers include BMW, Volkswagen Group, Scania, and Volvo Cars. In 2023, Northvolt and Volvo Cars formed a joint venture, Novo Energy, to build a battery factory in Gothenburg, Sweden (per Volvo Cars, 2023).

### What investment stages does Northvolt target?

Northvolt does not make investments in external companies. It focuses on internal capital expenditure to build and expand its own manufacturing facilities, and it participates in strategic partnerships and joint ventures such as Novo Energy with Volvo Cars.

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Last updated: 2026-06-03T20:00:00.000Z

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