Northvolt

Northvolt produced lithium-ion battery cells and systems for vehicles and energy storage, with the Northvolt Ett production site, the Northvolt Labs research centre and a model that also included materials recycling. It was founded in Stockholm in 2016 by Peter Carlsson and Paolo Cerruti. It raised about $4.5 billion of equity in five transactions between 2017 and 2021, including $1 billion in 2019, $600 million in 2020 and $2.75 billion in June 2021; in 2022 Bloomberg reported that it kept a $12 billion valuation. Alongside this came convertibles and debt, such as the $5 billion project financing of January 2024, which are not equity rounds. Peter Carlsson stepped down as CEO on 22 November 2024 and Northvolt AB filed for bankruptcy in Sweden on 12 March 2025. Its Swedish assets were acquired by Lyten, with completion announced on 27 February 2026, so it is no longer a unicorn. On 1 July 2026 Lyten signed an exclusive MoU for the German Northvolt Drei assets, with closing not verified.