Why Northvolt failed to become Europe’s battery champion

为何Northvolt未能成为欧洲的电池冠军

Behind the Money

2024-12-04

28 分钟
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Not long ago, the Swedish battery maker Northvolt was seen as Europe's best hope for staying competitive with other global players during the green transition. Investors flocked to it, and it even became the continent’s best funded startup. But things look very different now. The company is fighting for survival and even filed for Chapter 11 bankruptcy in November. The FT’s Nordic and Baltic bureau chief Richard Milne spent years reporting on Northvolt and explains its meteoric rise and what its implosion means for Europe’s battery industry.  Clip from Aftonbladet - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How Europe’s battery champion descended into crisis ‘There was so much promise’: How Northvolt tumbled into bankruptcy The Northvolt dilemma: can European EVs avoid relying on Asian batteries? - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Richard Milne (@rmilneNordic) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • In February 2017, the FT's Nordic and Baltic correspondent, Richard Milne,

  • is just getting back into the swing of things after a vacation.

  • And he starts going through his inbox to catch up on what he's missed.

  • While I was away, I got an email from a contact telling me about this interesting new company.

  • The name of the company doesn't really stand out, but their pitch does.

  • It had a terrible name at that time, SGF Energy.

  • Nobody had written about it, but it was run by these two Europeans who used to work for Tesla.

  • So they were looking to be the first European company to build a Gigafactory,

  • which is basically just a giant factory that makes batteries.

  • Asia is leading the global battery industry at the time,

  • but this little Swedish startup wants to change that.

  • So their big pitch was to be the green European alternative to the already sort of dominant Asian battery players.

  • You know, this is something that European industry needed.