Former Northvolt CEO criticises Swedish government over company’s collapse

The Swedish government’s refusal to provide emergency funding to battery manufacturer Northvolt contributed to its eventual bankruptcy, according to the company’s former CEO, Peter Carlsson.

Speaking to Dagens Nyheter ahead of the release of his new book, Carlsson described the government’s rejection of a symbolic bridge loan as a bitter disappointment. The book chronicles Northvolt’s rise and fall, including the pivotal moment when major investors Volkswagen and Porsche withdrew their support.

“A symbolic show of support from Sweden would have made a huge difference,” Carlsson said. “It still makes me bitter.”

The company filed for bankruptcy in March 2025 after its financial backers abandoned the project. Carlsson, who led Northvolt until its collapse, described the aftermath as a dark period.

“How do you move on from something like this? I had completely failed, and on top of that, I was made to look like an idiot,” he said.

His book details the events leading up to the bankruptcy, offering his perspective on the decisions that led to the company’s downfall.

Tags: northvolt, swedish government, corporate bankruptcy