Behind the Money Why Northvolt failed to become Europe’s battery champion
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Dec 4, 2024 Richard Milne, the Nordic and Baltic bureau chief for the Financial Times, shares his insights on the rise and fall of Northvolt, once Europe's battery hope. He discusses the company's meteoric ascent fueled by investment and innovation, followed by its shocking bankruptcy. Topics include management missteps, funding challenges amid the electric vehicle downturn, and what Northvolt's struggles mean for Europe's battery industry. Milne emphasizes the need for local manufacturing as Asian dominance looms, raising questions about the future of the green transition.
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Northvolt's Origin
- Richard Milne, FT correspondent, discovered Northvolt, initially SGF Energy, in 2017.
- The company, run by ex-Tesla employees, aimed to build Europe's first gigafactory, a massive battery production plant.
Europe's Battery Dilemma
- Europe's car industry, vital to its economy, faced a risk of falling behind during the transition to electric vehicles.
- Asian companies controlled the battery market, a core component of electric cars, making Europe reliant on them.
Carlsson's Warning
- Northvolt CEO Peter Carlsson stressed the urgency of Europe's energy independence in 2017.
- He warned of complete dependence on Asian supply chains if no action was taken.