Northvolt

Lithium-ion battery cells and battery systems for automotive, energy storage and industrial customers. It runs the Northvolt Ett gigafactory in Skellefteå and the Northvolt Labs R&D campus in Västerås, Sweden, as well as battery recycling.

Energy & climateLithium-ion battery cell manufacturing and recyclingStockholm, Sweden

FoundersSince 2016

Valuation: $12B
Total raised: $15B
Last round · Nov 2024: Debtor-in-possession financing
Founded: 2016
Employees: 6,000
Quarters in VP50: 13

Valuation

Northvolt priced rounds
Round	Date	Post-money valuation	Raised	Led by
Funding round	Jun 12, 2019	$1.6B	$1.0B	Goldman Sachs Merchant Banking Division and Volkswagen Group
Private placement	Jun 9, 2021	$12B	$2.8B	AP funds 1-4 (via 4 to 1 Investments) and OMERS

Post-money valuation at each priced round. Log scale.Hover a point for the round

Updated Oct 15, 2026

In VP50

Q4 2023: #39
Q1 2024: #35
Q2 2024: #41
Q3 2024: #40
Q4 2024: #36
Q1 2025: no place
Q2 2025: no place
Q3 2025: no place
Q4 2025: no place
Q1 2026: no place
Q2 2026: no place
Q3 2026: no place
Q4 2026: no place

Place by quarter since Q4 2023. Best place #35.

Funding rounds

DateRound · leadRaisedValuation

Nov 21, 2024Debtor-in-possession financing · Scania$100M—

Jan 16, 2024Green loan$5.0B—

Aug 22, 2023Convertible note extension · BlackRock, Canada Pension Plan Investment Board (CPP Investments), Investment Management Corporation of Ontario (IMCO), OMERS$1.2B—

Jul 5, 2022Convertible note$1.1B—

Jun 9, 2021Private placement · AP funds 1-4 (via 4 to 1 Investments), OMERS$2.8B$12B

Sep 29, 2020Private placement · Baillie Gifford, Goldman Sachs Merchant Banking Division, Volkswagen AG$600M—

Jul 27, 2020Debt financing$1.6B—

Jun 12, 2019Funding round · Goldman Sachs Merchant Banking Division, Volkswagen Group$1.0B$1.6B

Jan 2019Funding round$14M—

May 23, 2018Strategic investment$12M—

Apr 2018Strategic investment$12M—

Feb 12, 2018Debt financing · European Investment Bank (EIB)$64M—

Feb 5, 2018Grant$18M—

Jan 25, 2018Strategic investment$11M—

Dec 15, 2017Strategic investment$11M—

Sep 27, 2017Strategic investment——

Mar 7, 2017Seed——

Team

Peter Carlsson
Co-founder, Former CEO
Paolo Cerruti
Co-founder, Former North America CEO
Harald Mix
Co-founder, Shareholder
Carl-Erik Lagercrantz
Co-founder, Vice chairman
Pia Aaltonen-Forsell
CFO
Matthias Arleth
COO
Scott Millar
Chief restructuring officer

Energy & climate

Northvolt

Valuation

In VP50iAI OverviewNorthvolt was ranked in each edition from Q4 2023 to Q4 2024, between 35 and 41. Its best place in that span was 35 in Q1 2024. It has no place in the eight editions since.

Funding rounds

Team

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In VP50